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Big finance and crypto firms form $15M Bitcoin security consortium
The consortium will fund quantum computing defense research and open-source development over three years, with members funding developers directly rather than routing money through the group.
Decrypt reports that nine major finance and crypto firms have formed the Bitcoin Security Consortium, pledging a combined $15 million over three years to support Bitcoin security research and open-source development focused on defending against future quantum computing threats.
The group includes BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy. Decrypt says the consortium will not hold or allocate the funds, and each member will choose which developers and researchers to fund directly, while the group says it will not direct Bitcoin development or take positions on protocol changes.
Decrypt adds that a volunteer coordinator, Mike Schmidt of the developer-funding nonprofit Brink, will help coordinate efforts. The article notes that quantum computers capable of breaking Bitcoin’s cryptography do not exist today, but about 6.9 million BTC, valued at roughly $450 billion, are held in addresses that could be vulnerable if such systems arrive.
Decrypt also cites the need for coordinated fixes across wallets, exchanges, miners, and users, which it says would take years. It says work is starting on proposals such as BIP 360, aimed at limiting public key exposure, alongside post-quantum signature schemes.
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