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BlackRock, Coinbase and others pledge $15 million for Bitcoin post-quantum work

The Bitcoin Security Consortium says it will publish updates on the state of Bitcoin security research, while members keep control of how the funds are allocated and the group avoids governance or protocol decisions.

Reported · Written up by our desk · Market Structure

CoinDesk reports that BlackRock, Coinbase, Strategy and other firms have formed a Bitcoin Security Consortium that pledges a combined $15 million over three years to support Bitcoin security research and open-source development, with a focus on post-quantum defenses. According to CoinDesk, the consortium includes Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy. The group plans to fund work aimed at preparing Bitcoin for advances in quantum computing, and it will publish material tracking the state of Bitcoin security efforts for investors and the public.

CoinDesk also reports that the pledged $15 million will not be held or allocated by the consortium itself. Instead, members will independently decide which developers, researchers or organizations receive funding, and the consortium said it will not direct Bitcoin development or take positions on proposed protocol changes.

In remarks cited by CoinDesk, BlackRock digital assets head Robert Mitchnick said Bitcoin Core developers do important work and that the consortium will make additional funding available for Bitcoin’s long-term security. CoinDesk adds that quantum computers capable of breaking Bitcoin cryptography do not currently exist, and that deploying defenses could take years as wallet, exchange, miner and user changes are coordinated.

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