Consortium Funds $15M to Secure Bitcoin Against Quantum Threats

A consortium of financial institutions and Bitcoin-related companies has formed to address potential security threats from quantum computing. The group, led by Strategy, will provide $15 million over three years to support developers in protecting the Bitcoin network.

The 'Bitcoin Security Consortium' aims to prepare for breakthroughs in quantum computing, which could compromise the security of the network. Founding members include Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, and Galaxy.

Galaxy Digital has also launched a separate initiative, offering grants up to $5 million for developers working on Bitcoin quantum security, and formed an advisory committee to study options for a quantum-resistant transition.