BlackRock, Coinbase and Others Establish $15 Million Bitcoin Quantum Defense Fund
2026-07-24 12:33
Odaily News - BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy have formed the Bitcoin Security Consortium, pledging a total of $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 will directly select the developers and researchers they wish to fund. The consortium stated that it will not direct Bitcoin development or take positions on protocol changes. Mike Schmidt of the developer-funded nonprofit Brink will coordinate related efforts on a volunteer basis.
Currently, there is no quantum computer capable of breaking Bitcoin cryptography. Approximately 6.9 million BTC, worth $450 billion, are stored 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 efforts include 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 engaged in important work, and this organization will provide more funding for Bitcoin's long-term security.
The consortium does not hold or distribute funds; each member will directly select the developers and researchers they wish to fund. The consortium stated that it will not direct Bitcoin development or take positions on protocol changes. Mike Schmidt of the developer-funded nonprofit Brink will coordinate related efforts on a volunteer basis.
Currently, there is no quantum computer capable of breaking Bitcoin cryptography. Approximately 6.9 million BTC, worth $450 billion, are stored 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 efforts include 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 engaged in important work, and this organization will provide more funding for Bitcoin's long-term security.
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