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Bitcoin firms form Security Consortium pledging $15 million over three years

The consortium says it will fund security research, including preparation for a future era of quantum computing.

Reported · Written up by our desk · Regulation

Nine institutional Bitcoin firms have launched the Bitcoin Security Consortium, pledging $15 million in aggregate member support over three years to fund research aimed at strengthening the network’s long term security, including quantum readiness, according to Bitcoin Magazine. Founding members include Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy, and Strategy. The group’s day to day work is set to be handled by Mike Schmidt, executive director of the developer nonprofit Brink, who will serve in a volunteer role.

Bitcoin Magazine reports the members will route funding directly to developers, researchers, and organizations they select, rather than pooling money into a single fund. The consortium also plans to act as a reference point for investors, the public, and media coverage of Bitcoin security work.

The consortium said it will not develop or direct Bitcoin’s protocol, take positions on specific protocol changes, or speak for Bitcoin or its developers. It described its approach as analogous to industry groups that fund the open source software they rely on without controlling the underlying work.

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