Key facts
- Nine firms launched the Bitcoin Security Consortium.
- The consortium pledged $15 million over three years for security research.
- Research will focus on post-quantum computing threats to Bitcoin's cryptography.
- Coinbase is developing a post-quantum custody system.
- BlackRock, Coinbase, and Fidelity Digital Assets are among the founding members.
Nine major firms, including BlackRock, Coinbase, Strategy, and Fidelity Digital Assets, have launched the Bitcoin Security Consortium, pledging a combined $15 million over three years to fund research and development aimed at protecting Bitcoin's cryptography from future quantum computing threats. The initiative seeks to address the potential vulnerability of Bitcoin's current elliptic curve cryptography to powerful quantum machines, which could theoretically reverse-engineer private keys.
While the threat is not considered imminent, with estimates suggesting a quantum computer capable of cracking Bitcoin's encryption could emerge as early as 2029, companies are proactively focusing on post-quantum cryptography. Coinbase is independently developing a post-quantum custody system, and Galaxy has separately committed up to $5 million in grants for developers working on quantum-resistant Bitcoin solutions.
The consortium emphasizes that it will not dictate specific code changes or represent the decentralized developer community. Instead, it aims to fill a funding gap for researchers and developers already engaged in this critical work, ensuring Bitcoin's long-term security and integrity for generations to come.