BlackRock, Coinbase and Strategy Pledge $15M to Quantum-Proof Bitcoin
Nine of the biggest institutional names in Bitcoin went public today with a joint initiative to fund the network's long-term security—including defenses against quantum computers—backed by a combined $15 million in member pledges over the next three years.
The group, called the Bitcoin Security Consortium, includes BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy. Day-to-day coordination falls to Mike Schmidt, executive director of Brink—a nonprofit that funds Bitcoin open-source developers—who takes on the role as a volunteer.
The $15 million is not a pooled fund. Each member directs its own money to whatever developers, researchers, or organizations it chooses. The consortium also makes clear it will not push for any specific changes to Bitcoin's code or speak on behalf of its decentralized developer community.
What quantum computing has to do with Bitcoin
Bitcoin currently relies on elliptic curve cryptography—a form of math-based encryption that proves a wallet's owner authorized a transaction—to secure every payment on the network. The problem is that a sufficiently powerful quantum computer (a machine that uses quantum physics to perform certain calculations millions of times faster than a conventional computer) could theoretically reverse-engineer a wallet's private key from its public key, exposing funds.
Don't panic, though. That day isn't close yet, but it is getting closer and a lot of companies are focusing on providing quantum-proof services in crypto, cloud storage, messaging, and any application that relies on traditional cryptography.
Post-quantum cryptography—new mathematical methods designed to remain secure even against quantum machines—is the technical core of what the group wants to fund. ARK Invest estimated earlier this year that roughly 35% of the total Bitcoin supply already sits in addresses potentially vulnerable to a future quantum attack. And researchers at Project Eleven put Q-Day—the moment a quantum computer could realistically crack Bitcoin's cryptography—as early as 2029.
Bitcoin development moves slowly by design, and any upgrade to quantum-resistant signatures could take years to research, agree on, and deploy across the entire ecosystem of wallets, exchanges, and hardware devices.
"As long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute," said Phong Le, CEO of Strategy—the company that holds more Bitcoin than any other publicly traded firm.
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