Fidelity Digital Assets, the digital assets arm of Fidelity Investments, has become the first financial institution to receive the lightning torch that’s making its way around the world via the Bitcoin Lightning network. It was confirmed in a tweet that said: “We and our research team at the Fidelity Center (sic) for Applied Technology have received the #LNtorch”.
The Lightning Network is a payment protocol that works as a second layer on top of a blockchain. The Lightning torch initiative involves passing a lightning payment between nodes, and has garnered a lot of attention. Started by Twitter user, Holdonaut who tweeted: “I send 100k sats with tippin.me to the first person I choose to trust that replies to this. That person adds 10k sats and sends 110k to someone”. Fidelity Digital were the 229th to get the torch, according to the torch tracker. They passed it on to students at Harvard University’s Business School’s Blockchain and Crypto Club.
Fidelity Digital Aim To Make Bitcoin More Accessible
Fidelity manages $7.2 trillion in total assets and is the US leader in 401(k) retirement saving plans and is one of the largest retirement plan providers for non-profit organisations. In October 2018, they released a press statement announcing the launch of Fidelity Digital Assets. The release stated that the company will offer “enterprise-quality custody and trade execution services for digital assets, commonly referred to as cryptocurrencies, to sophisticated institutional investors such as hedge funds, family offices and market intermediaries”.
Abigail P. Johnson, Chairman and CEO of Fidelity Investments, said at the time: “Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use”.