Fidelity: First Financial Institution to Take Bitcoin Lightning ‘Torch’

0
19
Fidelity Investments Adopt Bitcoin’s Lightning network

 

Fidelity Becomes First Bank to Take the
Bitcoin LightningTorch

Fidelity Digital, the digital assets arm of Fidelity Investments, has actually ended up being the first institution to get the so-called bitcoin payments ‘torch’ that is being relayed from user to user around the globe through Bitcoin’s Lightning network.

With more than 27 million customers, Fidelity manages $ 7.2 trillion dollars in total assets. It’s the United States leader in 401( k) retirement savings plans and is one of the largest 403( b) retirement plan providers for not-for-profit institutions.

The financial investment behemoth revealed that it had received the #LNTorch on Friday, February 22nd from Tokyo-based and self-proclaimed ‘Bitcoin Maximalist’ who’s ” interested in mining/trading,” Twitter user @Wiz who received it from Bitcoin business owner, Charlie Shrem.

“Who wants to be the next torchbearer?” tweeted Wiz. “Reply with a LN invoice for 3.64 M sats and I’ll pick who I deem to be the most trustworthy.” The 3.64 million satoshis relate to about $142 USD at existing market BTC price. Fidelity Digital Assets then responded:

We and our research team at the Fidelity Center for Applied Technology have received the #LNTorch from @Wiz.

“Who should we pass it to? #LNTrustChain,” Fidelity questions, which is expected to launch its Bitcoin custody service next month.

Fidelity Becomes The 229th Torch Bearer

As reported, Lightning Torch has gained a surprising level of acknowledgment in the couple of weeks it has actually existed. The initiative includes passing a lightning payment in between nodes, with each recipient adding 10,000 satoshis ($ 0.34) and moving on to a new node.

Fidelity Digital Assets now becomes the 229th entity total to get the torch, according to the official tracker site. Previous bearers included BitMexResearch, Binance CEO ‘CZ’ Changpeng Zhao, and TRON’s Justin Sun.

But, more importantly, Fidelity becomes the first financial institution to get its hands on the digital ‘torch.’.

Fidelity digital assets bitcoin

This might not be a big surprise, nevertheless, as Fidelity has actually been leading the institutional plunge into cryptocurrencies over the previous couple of months. In October 2018, the investment giant revealed it would open cryptocurrency trading to its 27 million customers.

Therefore, involvement in this payment relay will likely offer some valuable experience for Fidelity Digital assets that is looking “to create a full-service enterprise-grade platform for digital assets,” as per its founding head, Tom Jessop. He also adds that:

…[f]amily offices, hedge funds and other sophisticated investors are starting to think seriously about this space.

It will also be fascinating to keep track of whether this nascent, albeit rapidly growing second-layer network, will have the ability to handle the relayed BTC payment as it changes hands and rapidly gains steam.

( Though, perhaps that may be the whole point of this whole thing, i.e. bringing awareness to this new innovation, as it’s already producing some distinct use-cases.).

According to monitoring resource 1ML.com, there are currently 6561 reachable nodes and 29,777 channels on Lightning, offering a total payment capacity of 718.25 BTC ($2.85 million). The figures represent an impressive monthly growth of 26 percent in network capacity.

Will Elon Musk Be Next To Receive the Torch?

It was reported by Bitcoinist that participants in the ongoing transaction relay have been urging Tesla CEO Elon Musk to paste an invoice and receive the torch. This follows after Twitter CEO Jack Dorsey became the torch bearer to much fanfare earlier this month while hinting that Bitcoin Lightning payments may be coming to Twitter. (But you can kind of try this already.)

 

Images courtesy of Shutterstock, 1Ml.com

The post Fidelity Becomes First Financial Institution to Take Bitcoin Lightning ‘Torch’ appeared first on Bitcoinist.com.

LEAVE A REPLY

Please enter your comment!
Please enter your name here