Bitcoin Goes Institutional? Fidelity is the First Investment Bank to Hold the BTC Lightning Torch

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Fidelity Digital, the digital assets arm of Fidelity Investments which is a giant financial institution with more than 27 million customers and over $7.2 trillion in managed assets, has become the first investment bank to receive the Bitcoin Lightning Torch.

As previously reported by IIB, the Bitcoin Lightning Torch is a profound movement in which an emblematic amount of Bitcoin (BTC) is transferred to “torch holders” across the globe through Bitcoin’s second-layer scaling solution, the Lightning Network.

The institutional investment giant accepted and received the Bitcoin Lightning Torch on February 22 from a Bitcoin maximalist who goes by the Twitter handle “@Wiz.”

Like everybody else participating in this global phenomenon, Fidelity announced their acceptance of the torch via Twitter while also asking the community whom they should pass it to next.

Who Will Fidelity Pass the Torch to Next?

When Wiz passed the torch to Fidelity, the Bitcoin Lightning Network transaction was worth 0.0364BTC or 3.64 million satoshis (around $140). Now that the torch is in Fidelity’s hands, they must add 10,000 satoshis to the torch and select someone willing to receive it for the social and technological experiment to go on.

Following Fidelity’s announcement shown in the tweet above, the digital assets firm answered the question of who they will pass it to next.

They announced that the HBS Blockchain and Cryptocurrency club, a crypto centric club that focuses on the research and development of Bitcoin at Harvard Business School will be receiving the torch.

Following the announcement in the tweet above, Fidelity Digital Assets announced that they passed the torch late on a Friday night, stating #cryptoneversleeps.

Will another financial institution receive the Bitcoin Lightning Torch? Let us know what you think in the comment section below.

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