Fidelity investments, a financial derivatives giant recently received and passed on the Lightning Torch as per a tweet the company.
Fidelity has passed the torch to the Harvard School Blockchain and Crypto Club in lieu of its upcoming and awaited Blockchain conference. The torch was previously held by Twitter CEO Jack Dorsey, who held the torch at the beginning of February.
At that time the torch contained just under 3 million satoshis (about $98.60).Dorsey, who is also the founder and CEO of United States-based Bitcoin-supporting payments service Square, further said that bringing Lightning Network on Square’s Cash App is not a question of “if” but “ when”.
The lightning torch just like the Olympic torch is being passed between members of the lightning network community. The trend first came to light when Twitter user and Bitcoin enthusiast Hodlonaut sent just over 10,000 Satoshis to another Lightning user. The other user further added another 10,000 Satoshis and passed the baton. The LN Trust Chain experiment came out as a method to spread awareness and also test the robustness of LN.
Lightning Network is a payment protocol which functions as a second layer on top of a blockchain. A large number of enthusiasts and developers consider Lightning Network to be the right fix for Bitcoin blockchain ’s scaling problem.
Fidelity Investments,administers more than $7.2 trillion in client assets, The firm laid foundation for a new asset company called Fidelity Digital Asset Services in October 2018.
The firm will purportedly handle custody for crypto assets like Bitcoin. Further it will execute trades on multiple exchanges for investors. These also include such as hedge funds and family offices.