Nine Major Bitcoin Institutions Unite to Fund Network Security

Nine major Bitcoin institutions have joined forces to protect the infrastructure behind the asset they collectively depend on. The group, called the Bitcoin Security Consortium, has combined funding commitments of $15 million over the next three years.

The initiative is being coordinated by Brink, a nonprofit supporting Bitcoin's open-source developers, with Executive Director Mike Schmidt managing the consortium's day-to-day work as a volunteer.

BlackRock Global Head of Digital Assets Robert Mitchnick said that Bitcoin Core developers perform 'incredibly important work' and that the group would provide 'significant additional funding' for Bitcoin's long-term security.

The Consortium's focus is not simply on improving Bitcoin today, but also preparing for threats that may still be years away. Post-quantum cryptography has emerged as the group's main funding priority, with Quantum computers capable of breaking Bitcoin's existing cryptographic protections not currently existing but a growing concern for the technical community.