Coinbase Prepares for Quantum Threat to Crypto Security

Bitcoin exchange Coinbase is warning that a quantum computer could one day break crypto security. The company's Chief Information Security Officer Jeff Lunglhofer emphasized that while the threat is not imminent, it is uncertain when a large-scale quantum computer capable of breaking current cryptography will be built.

Coinbase has formed an Independent Advisory Board on Quantum Computing and Blockchain to assess long-term quantum risks facing digital assets. The company is building a post-quantum version of its proprietary key management system, PQ-CoreKMS, which protects approximately 99.9% of the assets it holds in custody.

Coinbase will co-host a working session with Stanford in August for Bitcoin Core developers, researchers, and cryptographers to examine potential migration strategies for moving bitcoin to quantum-resistant security.