Fidelity becomes the first financial institution to receive lightning torch

23 Feb, 2019 | Updated: 23 Feb, 2019
by Richard Allen
News
Fidelity becomes the first financial institution to receive lightning torch

Fidelity Digital, the cryptocurrency branch of Fidelity Investments has become the first financial institution to receive the Bitcoin payments ‘torch’ that is being handed from user to user around the world through Bitcoin’s Lightning network.

The Lightning Torch movement has gained quite a lot of traction in the short time it's existed. The process works by passing a lightning payment between nodes, with each receiving user adding 10,000 satoshis (about $0.34) and then passing it on.

Fidelity Digital announced they had received the torch on February 22 from self-proclaimed Bitcoin maximalist, Twiter user @Wiz who received it from Charlie Shrem.

Wiz Tweeted that he had received the torch from Charlie Shrem and asked who wants to be the next torchbearer. Anyone interested needed to reply with a Lightning network invoice of 3.6 million Satoshis, which is about $142.

Fidelity Digital then announced that they had received the torch:

Fidelity must now decide who they will pass the torch on to. Community members have been giving suggestions from ranging from Bakkt to US President Donald Trump and SpaceX CEO Elon Musk. Ultimately, though, we’ll just have to wait and see who receives it next.

WATCH: Elon Musk thinks Bitcoin is better than fiat! Why doesn't he buy more?!

Read more: Fidelity announces update on their crypto platform, says in "final testing"

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Read more about: Bitcoin (BTC)

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