BlackRock, Coinbase, Strategy and six other firms have formed the Bitcoin Security Consortium to fund research protecting the network from future quantum computing risks. The group announced its formation on July 23 with a combined pledge of 15 million dollars over three years.
The consortium includes Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy. Its initial focus is quantum security research, as more than 7 million Bitcoin worth about 460 billion dollars sit in outputs with exposed public keys.
Members will direct their own funding to developers and researchers without pooling resources or taking positions on protocol changes. Mike Schmidt of Brink will coordinate the effort on a volunteer basis.
Phong Le, chief executive of Strategy, said the funding supports long-term holders who want Bitcoin to remain secure. Robert Mitchnick of BlackRock noted the importance of Bitcoin Core developer work and said additional funding would support long-term security.
Galaxy separately launched a 5 million dollars initiative for quantum-resistant signatures and related tools. The consortium said it will not influence Bitcoin governance or decide on specific solutions such as the draft BIP-361 migration proposal.
