Bitcoin Investors Unite Against Quantum Threats with $15M Consortium

Nine large investors have formed the Bitcoin Security Consortium to protect against the threat of future quantum computers. The group, led by BlackRock, Coinbase, and Strategy, has committed $15 million over three years to fund developers and researchers working on post-quantum security for Bitcoin.

The consortium will focus on defending against the risk posed by future quantum computers, which could potentially undo the math tool called elliptic curve cryptography that confirms transaction authenticity. This would allow an attacker to drain a wallet's funds if they had access to its public information.

Galaxy was the first to roll out a separate $5 million program, the Bitcoin Quantum Readiness Initiative, offering grants to developers building post-quantum tools. Galaxy paired this initiative with a Quantum Advisory Council drawn from academics at the University of Calgary and Boston University.