Wednesday, September 18, 2019

Bitcoin Lightning Torch Moves Across 43 Countries, Fidelity Digital Assets Takes Ahold of It

What may have begun just for fun is gradually becoming more intriguing. On January 19, Hodlonaut, a cryptocurrency enthusiast began the “Bitcoin Lightning Torch” trend on Twitter. While the torch has passed through the virtual hands of reputable members of the industry, Fidelity Digital Assets, a subsidiary of Fidelity Investments also received the lightning torch.

Cryptocurrency Enthusiast Begins Lightning Torch Trend

Hodlonaut started the Bitcoin Lightning Torch as it is called. The user at that time stated that they would send 100,000 satoshis (about $3.88) using tippin.me to the first person they trust among those who comment on his/her tweet. The recipient is expected to add 10,000 sats ($0.38) to what was received and send it to a trusted person using Bitcoin’s lightning network.

On February 22, the lightning torch happened to fall into the hands of Fidelity Digital Assets who notified the public. The company revealed that @Wiz had sent them the torch and they are seeking for who to pass it on to. Wiz, on the other hand, stated that they had sent 0.0364 BTC ( about $140) to Fidelity. As such, they are required to add 10,000 satoshis before passing it on.

Recommendations on Who The Torch Should be Sent to

Per the tweet, several users made recommendations on who the torch should be sent to. A user even said: “Throw it at @elonmusk He’s just acting like he doesn’t want it, but he does.”. In the end, the platform sent it to HBS Blockchain and Cryptocurrency club, a student club at the Harvard Business School.

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According to Fidelity Digital Assets:

We have selected @HBSCryptoClub to receive the #LightningTorch, as they continue to enable #bitcoin research and development. Please send us your invoice for 3.65M sats.

Lightning Torch Goes Round Over 187 Times

So far, the lightning torch has been passed over 187 times and gone round about 43 countries. It is also worthy to note that the chain has not been broken and at each instance, 10,000 sats is added. That is to show the level of integrity in the cryptocurrency community, as the trend had intended.

The likes of Erik Voorhees, ShapeShift’s CEO, Justin Sun, Tron’s CEO and Changpeng Zhao, Binance’s CEO have all been torchbearers. Other names in the industry who have received the lightning torch are Andreas Antonopoulos, Anthony Pompliano, Elizabeth Stark, and Jack Dorsey.

Fidelity Digital Assets, on the other hand, has made plans to launch its cryptocurrency custody platform in March. They revealed that the final testing of the platform is ongoing. Upon its launch, clients from selected institutions will be allowed to use it. There are expectations that the custody being backed by a reputable financial institution will attract institutional investors.

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