BlackRock, Coinbase and others launch $15 million Bitcoin Quantum Defense Fund.

BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy have formed the Bitcoin Security Consortium, pledging a combined $15 million over three years to fund Bitcoin security research and open-source development focused on quantum computing defense. The consortium does not hold or allocate funds; each member will directly select developers and researchers to support. It noted that it will not guide Bitcoin development or take positions on protocol changes. Mike Schmidt of Brink, a nonprofit developer funding organization, will coordinate the work on a volunteer basis. Currently, no quantum computer exists that can crack Bitcoin’s cryptography. Approximately 6.9 million BTC, worth $450 billion, are held in addresses that could be affected if such quantum computers emerge. Fixing this issue will require coordination among wallets, exchanges, miners, and users. Relevant efforts include proposals like BIP 360, which designs a new output type to limit public key exposure and pairs with post-quantum signature schemes. Robert Mitchnick, head of digital assets at BlackRock, stated that Core developers do important work, and the organization will provide additional funding for Bitcoin’s long-term security.