LQwD FinTech Corp. (TSXV: LQWD, OTC: LQWDF) announces that it has it has purchased an additional C$4.5 million worth of Bitcoin since closing its previously announced financing. To date, the Company has spent a total of C$7.8 million to purchase approximately 133 Bitcoins, which it now holds, at an average cost of approximately C$59,000 (US$47,500) per Bitcoin.
This purchase signifies the further strengthening of LQwD’s strategic growth initiative to accumulate Bitcoin as a reserve asset, but more importantly as an operating asset, which underpins the Company’s Lightning Network SaaS platform that is under development.
“Closing the $8 million financing has allowed us to acquire further Bitcoin, which is an important step for the Company to progress its short-term business goals to launch our Platform as a Service commercially, then focus on on-boarding clients and providing them with strong connectivity to the Lightning Network. This plays into our long-term objective of having a significant number of Lightning Network payment channels with Bitcoin staked on them (a requirement of the network) that are active across the Lightning Network and allow us to forward and route transactions as a major network participant, and earn fees for doing so,” says Chairman and CEO Shone Anstey.
LQwD is a Lightning Network Service Provider (LSP) focused company developing payment infrastructure and solutions. The Company’s mission is to develop institutional grade services that support the Lightning Network and drive improved functionality, transaction capability, user adoption and utility and scaling Bitcoin. LQwD also holds Bitcoin as an operating asset establishing nodes and payment channels across the Lightning Network.
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This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the use of proceeds of the Offering) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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