Wall Street Giants Back $15M Bitcoin Quantum-Proofing Effort Amid CLARITY Act Deadline

Wall Street giants are backing a $15 million initiative to make Bitcoin quantum-proof, with the deadline for the CLARITY Act looming. The push is aimed at mitigating potential risks from a hypothetical future quantum computer attack on blockchain networks.

The funding effort is being led by the Open Quantum Foundation and has already attracted support from several major players in the financial sector. This includes investment firms such as Pantera Capital, Blockchain Ventures, and Founders Fund.

The CLARITY Act requires developers to implement post-quantum cryptography in Bitcoin's protocol by a certain deadline. The exact date is not specified in the source, but it implies that this effort is urgent. If implemented successfully, this would make Bitcoin more resistant to quantum attacks.