Firms Led by BlackRock, Coinbase Pool $15M for Bitcoin Quantum Security

Nine firms led by BlackRock, Coinbase, and Strategy will spend $15 million over three years on Bitcoin security. The group's first target is the risk posed by future quantum computers, which could potentially compromise Bitcoin's elliptic curve cryptography.

The consortium, called the Bitcoin Security Consortium, includes six other firms: Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy. Each firm will contribute its own share of the $15 million on its own terms, which can be directed to developers, researchers, or nonprofits.

The consortium has set clear limits on its role: it will not touch Bitcoin's code, stay neutral on proposed upgrades, and will not act as a spokesperson for the network's developers. Day-to-day coordination falls to Mike Schmidt of Brink, who is leading the effort without pay.