Financial technology company LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF) announced it has entered into an agreement with Maynard Communications Limited for various communications services in anticipation of the launch of its proprietary Lightning Network platform-as-a-service (“PaaS”). Dated November 4, the agreement will be in effect for a period of six months, with the opportunity to renew each month after that. The services that Maynard will provide to LQwD will include but are not limited to search engine optimization, media relations consulting, digital media branding campaigns, project management, and multimedia services (https://ccw.fm/sjZuy). Maynard manages a team in Hong Kong and has provided successful marketing for a broad range of companies listed on the TSX Venture Exchange.
“Branding, media relations, and corporate awareness is of utmost importance and a critical component of our business strategy as we prepare to launch our suite of institutional-grade products and payment channels on the rapidly growing Bitcoin Lightning Network,” Shone Anstey, LQwD CEO, commented on the agreement. “We selected Maynard based on their proven success, and they are a perfect fit to help LQwD’s ambitious goals of rapidly becoming one of the most dominant global Lightning Network service providers.”
Meanwhile, following the close of LQwD’s previous financing of CAD $8 million (USD $6.4 million) at the end of October 2021, the company has purchased an additional CAD $4.5 million (USD $3.6 million) worth of Bitcoin (https://ccw.fm/VobV0). To date, the company has spent a total of approximately CAD $7.8 million (USD $6.28) to purchase around 133 Bitcoins. The company now holds these coins at an average cost of CAD $59,000 (USD $47,500) per coin. The purchase of additional coins also signifies the strengthening of the company’s strategic growth initiative to accumulate Bitcoin as a reserve asset.
Anstey commented on the additional Bitcoin purchase, stating that it was a major step for the company to progress its short-term business goals to launch its PaaS commercially, then focus on onboarding 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,” Anstey explained.
LQwD’s proprietary Lightning Network PaaS allows payments to be sent instantly, securely, and inexpensively worldwide. The network itself is scalable, global, open, inclusive, permissionless, and decentralized. It works through nodes connected via payment channels that enable instantaneous and cheap payments at scale.
The agreement with Maynard will allow LQwD to continue leveraging its position as a public company to enhance trust with its products and services, including the leveraging of its shares as currency for acquisition, roll-up, and growth, allowing for the attraction of top industry talent. Lightning Network is already on the radar of some of the more renowned names in the industry, including Twitter and Square.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ccw.fm/LQWDF
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