Lightning Torch Relay: Fidelity Digital is Passed on the Bitcoin Lightning Torch

Lightning Torch Relay: Fidelity Digital is Passed on the Bitcoin Lightning Torch

Fidelity Digital Assets Services LLC, the digital asset-focused subsidiary of Fidelity Investments Inc., becomes the first financial services institution to take on the bitcoin lightning torch, as it continues to lay the groundwork for welcoming institutional investors in the crypto space

The Lightning Torch is a global peer-to-peer and emblematic activity that involves passing around $144 worth of BTC (or about 3.64 mln satoshis) to exhibit how easy and uncomplicated it is to use the layer-2 scalability solution, the Lightning Network. Each receiver will add 10,000 satoshis ($0.34) to the amount they received.

Fidelity Digital the 229th Relay Entity

On 22 February, the symbolic torch was passed to Fidelity Digital by Tokyo-based Twitter user wiz, making the digital asset platform the 229th entity to have received it.

Fidelity Digital is aiming to provide a ‘full-service, enterprise-grade platform’ particularly for the new asset class. The BTC transaction relay exposes the platform to beneficial experiences according to Tom Jessop, president of Fidelity Digital. He further said that ‘family offices, hedge funds and other sophisticated investors are starting to think seriously about this space.’ Fidelity is anticipated to launch a bitcoin custody service by March.

Last October, Fidelity Investments took the initial step for Wall Street as it announced the birth of Fidelity Digital.

Chronicle of the Torch Relay

Wiz received the torch from bitcoin proponent Charlie Shrem. In early February, Jack Dorsey, CEO of Twitter, became a bearer. The Twitter head alluded to the possibility of the social media platform implementing a BTC Lightning payments solution. Previous receivers of the emblematic torch are BitMEX Research, Changpeng ‘CZ’ Zhao, and Justin Sun, among others.

Participants of the relay are advocating Elon Musk, Tesla CEO, to paste an invoice and pick up the bitcoin torch.

Related news

Spark Swap Brings BTC/USD Trading Pairs to Customers

Spark Swap, the new crypto startup that raised nearly $4 million in a recent seed funding round, has announced its support for USD, allowing customers to purchase bitcoin units directly through their Lightning wallets.  Spark Swap: Harnessing the Power of Lightning The purpose of the funding round was to build a “non-custodial cryptocurrency exchange” atop the ever-popular Lightning Network, which seems to be growing in popularity as of late. Bitcoin is the oldest and most established cryptocurrency in the world, but this comes with a few disadvantages, the first one being its speed. Given its age, bitcoin’s technology suffers in terms of its transaction times, which typically require a few days to complete. Compare this with the transaction capabilities of blockchains like Ethereum and EOS, which both utilize smart contracts to complete transactions within the scope of a few hours or a few minutes. Bitcoin may have given birth to the crypto industry, but in some areas, there’s a lot to be desired, which is where the Lightning Network appears to be gaining momentum. The platform touts its own quickness and claims it can boost the rapidity of bitcoin payment speeds tenfold. The problem, however, is that the Lightning Network is still not a mainstream application, and few businesses have integrated it into their infrastructures. That’s where enterprises like Spark Swap come in. In a recent interview, Trey Griffith, the founder of the company, explains:  We’ve long wanted to support BTC and USD as a trading pair since it’s the most important and popular trading pair. We decided to build it the way we did in order to make it accessible to a much larger group of people who currently lack a convenient option for buying bitcoin without giving up custody. All a person needs to do is download the company’s desktop app and connect it to an LND Lightning Network node. They must complete the company’s identity verification process and transfer USD funds into their account. Once this is done, the customers can initiate trades and receive bitcoins in exchange for their dollars. Brett Gibson, a partner at Initialized Capital, states:  This product delivers on the promise of bitcoin as a self-sovereign currency while still delivering a convenient user experience by building on the Lightning Network. Use Is Up, Up, Up According to one source, use of the Lightning Network has been growing heavily over the past month, with “nodes and payment channels on the rise.” One of the big benefits of the Lightning Network, other than its speed, is the fact that it can handle a wide range of payments, from very small to very large. These payments settle instantly on the network and allows Bitcoin to scale as many as several million payments each day. Thus far, nearly 10,000 Lightning Network nodes are already in play. The post Spark Swap Brings BTC/USD Trading Pairs to Customers appeared first on Live Bitcoin News.
Live Bitcoin News

Sparkswap adds USD support to its Bitcoin Lightning Network exchange

When The Block last covered Sparkswap, the bitcoin startup had just raised a $3.5M seed round to build a non-custodial cryptocurrency exchange on the Bitcoin Lightning Network using Atomic Swaps. Today, Sparkswap is announcing support for the U.S. Dollar—enabling users to buy bitcoins directly from their Sparkswap Lightning wallet. "We’ve long wanted to support BTC and USD as a trading pair since it’s the most important and popular trading pair. We decided to build it the way we did in order to make it accessible to a much larger group of people who currently lack a convenient option for buying Bitcoin without giving up custody," Trey Griffith, founder of Sparkswap tells The Block. The new feature works as follows: A user downloads Sparkswap's desktop app The user connects the app to their LND Lightning Network node The user completes Sparkswap's KYC process To initiate a bitcoin purchase, the user transfers USD via ACH to Sparkswap's payment partner The user's USD is kept in a third-party escrow account as the trade is being carried out Once the USD hits the escrow account, Sparkswap initiates a transaction, sending bitcoins over the Lightning Network to the user's account Unlike its bitcoin and litecoin trading pairs, Sparkswap will act as the counterparty for trades dealing with bitcoin and USD. At launch, USD support will be available in 21 U.S. states. Bitcoin to USD sell orders will not be supported with the initial launch. “This product delivers on the promise of Bitcoin as a self-sovereign currency while still delivering a convenient user experience by building on the Lightning Network,” said Brett Gibson, a partner at Initialized Capital. 
The Block Crypto

Bitcoin Price: When Breakout??? Big Bitcoin & Altcoin News!

👇🏻Support the channel by using my affiliate links👇🏻 ✘ Exchanges I'm using: ► Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 ► Binance FIAT https://www.binance.je/?ref=35002320 ► Binance Altcoins https://www.binance.com/?ref=16553332 ► Bitmex Futures https://www.bitmex.com/register/s0r1z5 ► Bybit Futures https://www.bybit.com/app/register?ref=RPyME ► Deribit Futures & Options https://www.deribit.com/reg-2331.1757 ✘ My Chart Tool: ► TradingView https://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=12339 ✘ My Hardware Wallets: ► Ledger https://www.ledgerwallet.com/r/f7c4 ► Trezor https://shop.trezor.io/product/trezor-one-white?offer_id=14&aff_id=1164 ✘ Keep your Private Keys safe: ► https://cryptosteel.com/product/cryptosteel/?csr=517 ✘ Support the Channel via BTC Lightning Network: ► https://tippin.me/@sunnydecree ✘ BTC: ► 12vg29zgveAqm31yiUrL9kM2ANmYMFaA93 ✘ Follow me: ► https://twitter.com/sunnydecree ► https://discord.gg/Psrt8Yn ► https://www.youtube.com/sunnydecreede #Bitcoin #BTC #Crypto
sunny decree

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.