BlackRock, Coinbase, and others set up a $15 million Bitcoin quantum defense fund

In comparison, BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy formed the Bitcoin Security Consortium, committing a total investment of $15 million over three years to fund Bitcoin security research and open source development focusing on quantum computing defense.

The consortium does not hold or allocate funding; members will directly select developers and researchers to fund. The coalition said it will not guide Bitcoin development or take a stand on changes to the agreement, and Mike Schmidt of the developer funded the non-profit organization Brink will coordinate related work as a volunteer.

Currently, there is no quantum computer capable of cracking Bitcoin's cryptography. Approximately 6.9 million pieces of BTC, worth 450 billion US dollars, are stored in addresses that may be affected if relevant quantum computers appear, and related repairs require coordination among various parties such as wallets, exchanges, miners, and users.

Related work includes proposals such as BIP 360, which designs a new output type to limit public key exposure and to complement post-quantum signature schemes. Robert Mitchnick, head of digital assets at BlackRock, said Core developers are doing important work, and the organization will provide more funding for Bitcoin's long-term security.

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