Fidelity Receives The Bitcoin Lightning Torch And Gets Ready To Launch Crypto Platform For Institutional Investors
Trillion dollar titan Fidelity Digital Assets received the Bitcoin Lightning Network Torch and passed it to Harvard.
Fidelity Digital Assets is the arm of the asset manager based in Boston Fidelity Investments.
Passing around the torch to prove the effectiveness of LN
This torch is a symbolic Bitcoin transaction of about $144 that has been getting passed around the globe from person to person just to show how easy it is to use the Lightning Network (LN).
The LN is a layer-2 solution that has been designed to power faster payments.
As more and more players are joining in, they have all been adding small amounts of Bitcoin.
The Daily Hodl reports that Fidelity has “$7.4 trillion total customer assets as of September 30, 2018. After posting record-breaking profits on Friday, with annual income topping $6 billion and revenue hitting an all-time high of $20.4 billion, Fidelity became the first financial services institution to grab the torch and demonstrate its support of Bitcoin as a viable payment rail.”
After they picked up the Torch, Fidelity handed it off to Harvard Business School on the eve of its annual Blockchain Summit.
Harvard has an endorsement of $39 billion, and it’s one of the elite universities which reportedly owns Bitcoin and more cryptos.
More important names had the Torch
Other essential figures in the crypto space have had the Torch. There include Tron’s Justin Sun, Binance’s Changpeng Zhao, CEO of Twitter and Square, Jack Dorsey and more.
Been trying since last night to find the best candidate to pass the torch ⚡️We have reached out to @elonmusk and @kobebryant to bring more awareness to Lightning Torch , let see who’s onboard to move #LNTrustChain and #Bitcoin forward! https://t.co/mQj1oSv3wW
— Justin Sun (@justinsuntron) February 12, 2019
Before Sun, the torch had found its way to the Binance CEO, Changpeng Zhao as well. He advocated the Tesla CEO Elon Musk to be the next participant. Musk has been silent on this proposal so far.
Fidelity is gearing up to launch its new crypto custody service in March.
Co-founder and CEO of Twitter and Square, Dorsey has been an advocate for Bitcoin since the early days. Having launched a crypto division of Square early this year (called Cash App - which helps newcomers buy Bitcoin), Dorsey is now making plans to lead the way to mass BTC adoption in Africa.
Founder of TRON (TRX)
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.