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Lightning Network

Fidelity Investment Receives and Shares the Lightning Torch on Twitter

ยท 23 Feb 2019 in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Fidelity Digital Assets received the Lightning Torch on Twitter. The company informed it in a recent Tweet after receiving the torch from the Twitter user @wiz. Fidelity Digital Assets has also shared the Torch with the HBS Blockchain & Crypto Club. This initiative has been expanding on Twitter and it even reached Jack Dorsey, the CEO of the social network.

Fidelity Digital Assets Receives the Lightning Torch

The financial derivatives giant, Fidelity Investments, joined the Lightning Torch initiative on Twitter. This Torch is being passed between members of the Lightning Network community after being started by the Bitcoin enthusiasts called Hodlonaut. At that time, the user started with 10,000 Satoshis and passing them to another user that added 10,000 satoshis more.

The chain continued during the last weeks and it even reached the CEO of Twitter, Jack Dorsey. Mr. Dorsey was very excited about it and he passed on the torch to another individual in the community. Dorsey has been supporting Bitcoin (BTC) and the Lightning Network implementation.

Fidelity Digital Assets said that their research team at the Fidelity Center for Applied Technology received the LN Torch.

After it, they shared it with the Harvard School Blockchain & Crypto Club. They will be hosting a dedicated conference in which founders, investors and other blockchain figures discuss the current state of the blockchain.

The Lightning Network is a second-layer scaling solution for Bitcoin that will allow it to process thousands of transactions per second and for very low fees. This is the main solution for the scalability issues faced by Bitcoin at the end of 2017. At that time, when Bitcoin was reaching its all-time high, transactions could take several hours to be processed and some fees could reach $60.

Fidelity Investments is currently managing around $7.2 trillion in assets. The firm has also launched a new company called Fidelity Digital Asset Services that will allow institutional investors to enter the crypto market.

The Intercontinental Exchange (ICE) is also working on the Bakkt platform that has been specifically designed to welcome institutional investors.

Currently, according to 1ml, the Lightning Network has 6,580 nodes, 29,957 channels, and a network capacity of 721 BTC (close to $3 million).

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