Key facts
- Galaxy Digital launched the Bitcoin Quantum Readiness Initiative with a $5 million commitment.
- The initiative aims to fund developers working on quantum-resistant cryptography for Bitcoin.
- A quantum advisory council has been formed to research migration solutions.
- Potential risks include 30% of Bitcoin's supply being exposed to quantum computing threats.
- The timeline for a practical quantum computing breakthrough is debated, with some experts suggesting decades.
Galaxy Digital has launched the Bitcoin Quantum Readiness Initiative, pledging up to $5 million in grants to open-source developers working on post-quantum cryptography for Bitcoin. The company also formed a quantum advisory council, including academics from the University of Calgary, MIT, and Boston University, to research quantum-resistant migration solutions. The initiative aims to fund proposals for quantum-resistant upgrades, signature schemes, wallet migration tooling, and security audits. Concerns exist that approximately 30% of Bitcoin's supply could be vulnerable if cryptographically relevant quantum computers emerge, though the timeline for such a breakthrough remains debated among experts. Some, like Blockstream CEO Adam Back, suggest the threat is decades away, allowing ample time for network upgrades.