Key facts
- Nine companies, including BlackRock, Coinbase, and Fidelity, launched the Bitcoin Security Consortium.
- The consortium pledged $15 million over three years to fund Bitcoin security research.
- A primary focus is preparing Bitcoin for potential quantum computing threats.
- Funding will be directed independently by members to developers and researchers.
- Mike Schmidt of Brink will coordinate the consortium's efforts.
Nine major financial and crypto firms have launched the Bitcoin Security Consortium, pledging a collective $15 million over three years to fund research and open-source development aimed at enhancing Bitcoin's long-term security, with a particular focus on preparing for the advent of quantum computing. The founding members include institutional players like BlackRock, Coinbase, Fidelity Digital Assets, ARK Invest, and Strategy, alongside crypto-native companies such as Anchorage Digital, Block, Blockstream, and Galaxy.
The consortium's work will be coordinated on a volunteer basis by Mike Schmidt, executive director of the developer non-profit Brink. Members will direct their own funding to chosen developers, researchers, and organizations, ensuring the consortium does not control Bitcoin's protocol development or take positions on specific changes. This model mirrors industry groups that fund open-source software they rely on without dictating its direction.
While large-scale quantum computers capable of breaking Bitcoin's current cryptography do not yet exist, the consortium aims to proactively address this future threat. This aligns with broader institutional interest in quantum readiness, with Coinbase having formed a quantum computing advisory board and Galaxy launching a similar initiative. The urgency of the quantum threat is debated within the community, with estimates on when such capabilities might emerge varying significantly. Coinbase research suggests a substantial portion of Bitcoin's supply could be at risk from a long-range quantum attack, highlighting the importance of developing quantum-resistant solutions.