BlackRock, Coinbase, Strategy in group pledging $15 million to prepare Bitcoin for quantum threats
A group of major financial and crypto institutions, including BlackRock and Coinbase, has pledged $15 million to fund research and development aimed at protecting the Bitcoin network from future quantum computing threats. The consortium will not direct protocol changes but will instead provide resources to independent developers and researchers working on post-quantum security measures.
Why it matters
As quantum computing advances, the potential for future decryption of current cryptographic standards poses a long-term existential risk to Bitcoin; this initiative represents a proactive institutional effort to secure the network's infrastructure before such threats become viable.
Companies in the newly formed Bitcoin Security Consortium include major crypto market participants including BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy.
The group will focus partly on preparing Bitcoin for advances in quantum computing and will publish material tracking the state of Bitcoin security work for investors and the public.
The $15 million will not be held or allocated by the consortium, but instead member will choose which developers, researchers or organizations it funds. The group said it will not direct Bitcoin development or take positions on proposed protocol changes.
“Bitcoin Core developers do incredibly important work,” BlackRock digital assets head Robert Mitchnick said, adding that the group would make additional funding available for Bitcoin’s long-term security.
The announcement did not disclose individual contributions, initial recipients or how much of the funding represents new commitments.
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