Banks and Regulators Test Quantum-Resistant Crypto Transfers in Cross-Regional Pilot

Two major banks, Bison Bank and DK Bank, have joined forces with crypto custody infrastructure provider Safeheron to test quantum-resistant technology for digital asset wallets and on-chain transfers. The cross-regional pilot, launched by the Responsible Fintech Institute (RFI) and Safeheron, is using a quantum-resistant NEAR testnet and a multiparty computation protocol supporting ML-DSA-65, a post-quantum digital signature standard published by the US National Institute of Standards and Technology.

The pilot aims to prepare financial institutions for the potential risks posed by future quantum computers. A 2025 paper from the Bank for International Settlements urged financial institutions to begin coordinated migrations to post-quantum cryptographic systems, with some countries setting targets for full preparedness, such as the Hong Kong Monetary Authority's goal of making its banking sector fully prepared by 2030.

The initiative is a significant effort in cross-regional cooperation, with regulators from Abu Dhabi, Bhutan, and Malta observing the first phase. The RFI and Safeheron plan to release a white paper covering the research design, protocol architecture, and test results after the pilot concludes, as well as open-source the underlying technology.