Galaxy Digital Establishes $5 Million Fund to Promote Bitcoin's Quantum Computing-Resistant Security Research

In comparison, crypto financial services company Galaxy Digital announced the establishment of the $5 million Bitcoin Quantum Readiness Initiative (Bitcoin Quantum Security Readiness Plan) to fund developers to research solutions to future quantum computing threats.

The program is now open for applications, and funding includes anti-quantum signature algorithms, wallet migration tools, and security audits. Galaxy said it hopes to attract more institutions to jointly invest in capital and research to accelerate Bitcoin's transition to anti-quantum cryptography.

According to CryptoQuant data, if quantum computers in the future have the ability to break Bitcoin's existing cryptographic algorithms, about 6.9 million BTC (about 461 billion US dollars at current prices) may be at risk of being stolen. Although the industry generally believes that quantum computing is not enough to threaten the Bitcoin network in the short term, since protocol upgrades require long-term collaboration between developers, wallets, exchanges, and users, relevant preparations should begin as soon as possible.