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.

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