Strategy · Bitcoin · Coinbase · Ark Invest · The Block
Strategy, BlackRock form Bitcoin Security Consortium to prepare for quantum computing threat
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A group of nine companies has formed the Bitcoin Security Consortium, a new initiative aimed at supporting the long-term security of the Bitcoin network through funding for developers, security research, and post-quantum cryptography efforts.
Key facts
- Galaxy earlier this week launched its own Bitcoin Quantum Readiness Initiative, committing up to $5 million in developer grants for post-quantum cryptographic tools alongside a research program
- According to the statement, founding members have collectively pledged $15 million over the next three years to support developers and researchers already working on Bitcoin security
- Last month, President Donald Trump signed two executive orders aimed at accelerating U.S. quantum computing capabilities, including a push for full post-quantum cryptography migration for federal
- Project Eleven, a startup focused on post-quantum security, warned in May that roughly 6.9 million bitcoins could be at risk to quantum computers under certain conditions
Summary
The founding members include Strategy, BlackRock, Coinbase, Galaxy, Fidelity Digital Assets, Anchorage Digital, ARK Invest, Block, and Blockstream, representing Bitcoin holders, custodians, exchanges, infrastructure providers, payments companies, and asset managers. The consortium's day-to-day activities will be coordinated by Brink Executive Director Mike Schmidt in a volunteer capacity, Strategy said . According to the statement, founding members have collectively pledged $15 million over the next three years to support developers and researchers already working on Bitcoin security. Each member firm will direct its own capital independently to the organizations it chooses.