BlackRock, Coinbase and Strategy Pledge $15M to Quantum-Proof Bitcoin
Nine major Bitcoin institutions have formed the Bitcoin Security Consortium to fund Bitcoin’s long-term security, especially protection against quantum-computing threats. Members include BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy. They have pledged a combined $15 million over three years, but the money is not pooled; each member will direct its own funding to developers, researchers, or organizations it chooses. Mike Schmidt of Brink will coordinate the group as a volunteer. The consortium focuses on post-quantum cryptography, since Bitcoin currently relies on elliptic curve cryptography that could one day be broken by powerful quantum computers. While that risk is not imminent, researchers warn it may become real within years, and upgrades to Bitcoin would likely take a long time to research and deploy. The group says it will not prescribe protocol changes or speak for Bitcoin’s decentralized developer community. Galaxy separately announced up to $5 million in quantum-readiness grants and an advisory council.
