BTCW:CC - Bitcoin Well Announces Successful Lightning Network Infrastructure Setup
(TheNewswire)
Edmonton, Alberta – May 7, 2024 – TheNewswire – Bitcoin Well Inc. (“ Bitcoin Well ” or the “ Company ”) ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enableindependence, today announces that it has successfully set up the required independent BitcoinLightning Network infrastructure to enable customer payments via theLightning Network and route third party payments through the Lightning node ecosystem.
The establishment of the Bitcoin Well Lightning Networkinfrastructure will initially enable Bitcoin Well customers to sellbitcoin through the Lightning Network (“Lightning”), a popularlayer two protocol of the Bitcoin network.
The Lightning Network enables secure, instant bitcointransactions without a miner fee, which is useful for smalltransactions, frequent transactions and retail payments. In additionto a “Payment Address” (as described below) the Bitcoin WellLightning infrastructure will also route 3rd party payments for asmall fee.
To start, Bitcoin Well will give customers a dedicatedBitcoin Well Lightning Network Payment Address (“Payment Address”)associated with their Bitcoin Well account that will automaticallyconvert Lightning to dollars and instantly send them to the customerbank account. This will be available to Canadian customers initially,and then our US customers shortly after. Most importantly, this willwork directly from the customer’s self custody thanks to our noncustodial Bitcoin ecosystem. The expected launch of the PaymentAddress is this month.
“Adding the Lighting Network to our ecosystem is amassive step towards the Bitcoin Super Company vision I emphasized afew months ago,” said Adam O’Brien, founder & CEO of BitcoinWell. “The majority of Bitcoin exchanges do not yet offer Lightningto their customers. This allows us to showcase our Bitcoin expertiseand continue to make it faster, safer and cheaper for customers to usebitcoin from their self custody. The Lightning Network, and otherlayer two protocols, are key in our mission to enable independencethrough the convenience of modern banking and the benefits ofBitcoin.”
After the Payment Address launch, we will add theability for customers to pay their bills with Lightning, buy bitcoinon the Lightning Network, and swap their bitcoin to and from theblockchain and the Lightning Network.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. Wedo this by making bitcoin useful to everyday people to give them theconvenience of modern banking and the benefits of bitcoin. We callthis future-proofing money. Our existing Bitcoin ATM and OnlineBitcoin Portal business units drive cash flow to help fund thismission.
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Bitcoin Well contact information
For additional investor & media information, pleasecontact:
Adam O’Brien
Tel: 1 888 711 3866
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease .
Forward-lookinginformation
Certain statements contained in thisnews release may constitute forward-looking information, which isoften, but not always, identified by the use of words such as"anticipate", "plan", "estimate","expect", "may", "will","intend", "should", or the negative thereof andsimilar expressions. All statements herein other than statements ofhistorical fact constitute forward-looking information including, butnot limited to, statements in respect of Bitcoin Well’s businessplans, strategy and outlook. Forward-looking information involvesknown and unknown risks, uncertainties and other factors that maycause actual results or events to differ materially from thoseanticipated in such forward-looking information including, but notlimited to, the risk factors described in Bitcoin Well’s annualinformation form and management’s discussion and analysis for the year endedDecember 31, 2023. Forward-looking information should not be undulyrelied upon. Anyforward-looking information contained in this news release representsBitcoin Well’s expectations as of the date hereof and is subject tochange. Bitcoin Well disclaims any intention or obligation to reviseany forward-looking information, except as required by applicablesecurities legislation.
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