Bitcoin Consortium Aims to Combat Quantum Threat with $15M Investment

A consortium of top financial institutions and crypto companies is working to combat the potential threat to Bitcoin from quantum computing.

The new Bitcoin Security Consortium has the backing of major players such as BlackRock, Coinbase Global, and Strategy, formerly known as MicroStrategy.

Researchers at Alphabet warned earlier this year that quantum computers could soon break Bitcoin's cryptography, putting 6.7 million BTC (out of 20 million circulating) at risk.

The consortium plans to spend at least $15 million over the next three years on combating the quantum threat and other potential risks to Bitcoin's security.