19.10.2019

Derivatives Giant Fidelity, Investments Receives and Passes, on the Lightning Torch

Financial derivatives giant Fidelity Investments received and passed on the Lightning Torch, as revealed by tweet by the company sent on Feb. 22.

Just like the Olympic torch, the Lightning Torch is being passed between members of the Lightning Network community. The trend first reportedly started when Twitter user and Bitcoin (BTC) enthusiast Hodlonaut sent 10,000 satoshis (the smallest, indivisible fractions of a Bitcoin) to another Lightning user, and the user added another 10,000 satoshis and passed it on.

Derivatives Giant Fidelity, Investments Receives and Passes, on the Lightning TorchFidelity passed the torch to the Harvard School Blockchain & Crypto Club in the wake of its upcoming dedicated conference. Previously, the torch famously has been held by the 88-year-old grandma of a crypto enthusiast as well as by Twitter CEO Jack Dorsey, who held it at the beginning of the current month.

As Cointelegraph recently reported, Dorsey, who is also the founder and CEO of United States-based Bitcoin-supporting payments service Square, said that rolling out the Lightning Network on Square’s Cash App is a question of “when, not if.”

The Lightning Network is a payment protocol that works as a second layer on top of a blockchain. A large number of those in the cryptocurrency community have suggested the Lightning Network as a fix to Bitcoin’s scaling problem.

Fidelity Investments manages over $7.2 trillion in client assets. In October last year, the investment giant announced the launch of a new company, Fidelity Digital Asset Services, targeting institutional crypto assets investors.

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