(TheNewswire)
Edmonton, Alberta TheNewswire – September 5, 2024 Bitcoin Well Inc. (‘ Bitcoin Well ‘ or the ‘ Company ‘) ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces an update to the Bitcoin Portal. Canadians can now buy bitcoin on the Lightning Network with e-Transfer, recurring buy and Cash Vouchers. This completes the Lightning Network integration as Bitcoin Well all customers can also sell bitcoin and pay their bills with bitcoin on the Lightning Network.
Key highlights
This enables the Bitcoin Portal to be fully Lightning Network enabled with customers being able to buy, sell and use bitcoin on the Lightning Network
Over 1,600 unique user sign ups in August to the Bitcoin Portal bringing the total unique user count to nearly 23,500 as of the end of August 2024
All Canadian customers can now log in to their Bitcoin Well account and select the ‘Lightning’ tab from the Buy bitcoin page . This will prompt them to add their Lightning Payment Address and buy bitcoin instantly . On average customers will experience transaction completion in less than 10 seconds , with the bitcoin sent directly to their personal Lighting wallets.
‘Enabling the ability to buy bitcoin on the Lightning network now gives Bitcoin Well customers the ability to buy bitcoin, sell bitcoin and pay their bills in bitcoin – all directly to and from their personal Lightning wallets,’ explained Adam O’Brien, founder and CEO of Bitcoin Well. ‘This is another step towards our vision of enabling independence by making bitcoin in self custody easy to use. The addition of the Lightning Network to our entire suite of products makes it even faster and safer to use Bitcoin Well – a platform already known for speed and security. We are very proud of that.’
Canadians also have the ability to buy bitcoin on the Lightning network on a recurring basis (using a DCA – Dollar Cost Average – strategy) by selecting their desired Lighting payment address (instead of their on-chain bitcoin address) on the Recurring Buy page in their Bitcoin Well account.
Lastly, Bitcoin Well customers also gain the ability to redeem Cash Vouchers for bitcoin on the Lightning Network. Cash Vouchers saw nearly 1,000 transactions in the month of July alone, and almost 2,000 transactions from the launch in April to the end of July. They are the fastest growing product in the Bitcoin Portal and we expect the additional functionality of the Lightning Network to continue to grow Cash Vouchers in popularity, which will continue to funnel customers to the Bitcoin Portal.
The benefits of the Lighting network are that Bitcoin Well customers can now buy bitcoin more frequently without having to worry about Bitcoin blockchain fees or transactions bloating their cold storage wallets. We expect this, along with some other features to be released in the Bitcoin Portal in the coming weeks and months, will continue to drive user signups – which has currently exceeded 23,000 across Canada and the USA.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
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Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O’Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O’Brien
Tel: 1 888 711 3866
ir@bitcoinwell.com
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Certain statements contained in this news release may constitute forward-looking information, which is often, but not always, identified by the use of words such as ‘anticipate’, ‘plan’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘intend’, ‘should’, or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of Bitcoin Well’s business plans, strategy and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, but not limited to, the risk factors described in Bitcoin Well’s annual information form and management’s discussion and analysis for the year ended December 31, 2023. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well’s expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
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