BlackRock, Coinbase, and Others Establish a $15 Million Bitcoin Quantum Defense Fund
2026-07-24 12:33
Odaily Odaily News: BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy have formed the Bitcoin Security Consortium, committing a combined $15 million over three years to fund Bitcoin security research and open-source development focused on quantum computing defense.
The consortium does not hold or distribute funds; each member directly selects the developers and researchers they will fund. The consortium stated it will not direct Bitcoin development or take positions on protocol changes. Mike Schmidt from the developer funding non-profit Brink will coordinate related efforts as a volunteer.
Currently, there is no quantum computer capable of breaking Bitcoin's cryptography. Approximately 6.9 million BTC, worth $450 billion, are held in addresses that could be affected if such a quantum computer emerges. Remediation would require coordination among wallets, exchanges, miners, users, and other parties.
Related work includes proposals such as BIP 360, which designs a new output type to limit public key exposure and accommodate post-quantum signature schemes. Robert Mitchnick, Head of Digital Assets at BlackRock, stated that Core developers are doing important work and that this organization will provide more funding for Bitcoin's long-term security.
The consortium does not hold or distribute funds; each member directly selects the developers and researchers they will fund. The consortium stated it will not direct Bitcoin development or take positions on protocol changes. Mike Schmidt from the developer funding non-profit Brink will coordinate related efforts as a volunteer.
Currently, there is no quantum computer capable of breaking Bitcoin's cryptography. Approximately 6.9 million BTC, worth $450 billion, are held in addresses that could be affected if such a quantum computer emerges. Remediation would require coordination among wallets, exchanges, miners, users, and other parties.
Related work includes proposals such as BIP 360, which designs a new output type to limit public key exposure and accommodate post-quantum signature schemes. Robert Mitchnick, Head of Digital Assets at BlackRock, stated that Core developers are doing important work and that this organization will provide more funding for Bitcoin's long-term security.
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