LQwD FinTech Corp. (TSXV: LQWD, OTC: LQWDF) announces that it has purchased C$2,500,000 worth of Bitcoin, at approximately C$46,500 (US$38,000) per Bitcoin since closing its previously announced acquisition of LQwD Financial Corp. Along with this purchase, the Company now holds approximately 60 Bitcoins.
This purchase signifies the start of a 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.
“LQwD is focused on developing enterprise grade infrastructure for the Lightning Network to drive Bitcoin adoption. This acquisition of Bitcoin is an important step for the growth of our business, and our vision, and we will continue to look for opportunities to increase our holdings and add value for our shareholders,” says Chairman and CEO Shone Anstey.
About the Lightning Network
The Lightning Network is a scalable Layer 2 solution built on top of the Bitcoin blockchain. It is a solution to scaling the usage of Bitcoin for microtransactions, dramatically improving upon the fees, as well as the instant settlement times, on the main Bitcoin Network.
About LQwD FinTech Corp.
LQwD is a Canadian-based financial technology company that develops payment network infrastructure and solutions on top of the Lightning Network. 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 scale of Bitcoin.
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This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the Company’s industry. 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. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, LQwD Financial, their securities, or their respective financial or operating results (as applicable).
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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