Open Source · Coinbase · Strategy · Bitcoin · Ark Invest · Eric Schmidt · Bitcoin Magazine
BlackRock, Coinbase, Strategy Among Nine Firms Launching the Bitcoin Security Consortium, Pledging $15 Million To BTC Security
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Nine major Bitcoin firms launched a consortium pledging $15 million to support Bitcoin security research and long-term resilience, including quantum readiness.
Key facts
- Brink, the non-profit coordinating the effort, has funded open-source Bitcoin work since 2020, including more than $1 million to developers in a single year and the first third-party security audit
- The stakes are large either way, since Coinbase research has estimated that between 20% and 50% of BTC’s supply, much of it in older wallet formats, could face exposure to a long-range quantum attack
- Nine major Bitcoin firms launched a consortium pledging $15 million to support Bitcoin security research and long-term resilience, including quantum readiness
- Nine of the largest names in institutional Bitcoin launched the Bitcoin Security Consortium on Thursday, a group backed by $15 million in member pledges over three years to fund work on the network’s
Summary
Nine of the largest names in institutional Bitcoin launched the Bitcoin Security Consortium on Thursday, a group backed by $15 million in member pledges over three years to fund work on the network’s long-term security, including preparation for a future era of quantum computing. Founding members are Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy, and Strategy, a lineup that spans holders, custodians, exchanges, infrastructure and payments providers, and asset managers. The consortium’s day-to-day work falls to Mike Schmidt, executive director of the developer non-profit Brink, who serves in a volunteer role. Schmidt tweeted about the role, saying, “The reporter said yes because supporting Bitcoin’s developers and helping people understand their work are the two things the reporter has spent their time in Bitcoin on, through Brink and Optech.