According to a recent report, the digital assets arm of Fidelity Digital, Fidelity Investments is now the first and only financial institution to receive the Bitcoin payments ‘torch’ via the Bitcoin’s Lightning network.
Fidelity Has 7.2 Trillion Dollars Under Management
Fidelity which manages over 7.2 trillion dollars, has over 27 million clients and leads the U.S 401(k) retirement savings plans. The financial institution is also a leading provider of 403(b) retirement plan for non-profit institutions.
Fidelity Investments received the Lightning Torch from a Tokyo-based and self-proclaimed Bitcoin Maximalist who is interested in mining/trading and goes by the name @Wiz on social media giant Twitter. @Wiz got the touch from Bitcoin, Charlie Shrem.
The Lightning Torch
For the short period of which it has been in existence, Lightning Torch has received an astonishing level of recognition. The initiative involves transferring a lightning payment between nodes whereby each exchange that receives it adds 10,000 satoshis ($0.34) and pass it on to a new node.
According to the official tracker website, Fidelity Digital Assets is the 229th entity overall to receive the torch. Other entities that received the torch in the past include Binance CEO ‘CZ’ Changing Zhao, TRON’s Justin Sun, and BitMex Research.
Fidelity becoming the first financial institution to receive the digital ‘torch’ is not very surprising, as the institution has been leading the institutional section of the global financial market when it comes to investing into cryptocurrencies for the past few months. The investment giant in October of 2018 made it known that it would open a cryptocurrency trading platform for its over 27 million clients.
According to Fidelity Digital Investments’ founding head, Tom Jessop, participation in this payment relay might provide some valuable experience for the exchange which is currently looking to meet a full-service enterprise-grade platform for digital assets. “Family offices, hedge funds and other sophisticated investors are starting to think seriously about this space.” He added.