Bitcoin Security Consortium Formed to Prepare for Quantum Computing Threat

A group of leading financial institutions and Bitcoin companies has formed the Bitcoin Security Consortium to support the long-term security and resilience of the Bitcoin network.

The consortium, backed by $15 million in member pledges over three years, aims to prepare for a potential era of quantum computing that could threaten Bitcoin Core cryptography.

Founding members include Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy, and Strategy. Each member will independently direct its own funding to the developers, researchers, and organizations it chooses.

The consortium's Executive Director is Mike Schmidt of Brink, a non-profit that funds Bitcoin open-source developers. Robert Mitchnick of BlackRock emphasized the importance of supporting Bitcoin Core developers' work.