Strategy, BlackRock, Coinbase, and six other members have launched the Bitcoin Security Consortium to support developers and research into the Bitcoin Networkโs long-term security and post-quantum cryptography.
The companies have pledged $15 million over three years to the initiative in support of security research.
The Bitcoin Security Consortium
Nine companies, including Strategy, BlackRock, Coinbase, Galaxy, Fidelity Digital Assets, Anchorage Digital, ARK Invest, Block, and Blockstream, have launched the Bitcoin Security Consortium, an initiative to support the long-term security of the Bitcoin network. The consortium brings together Bitcoin holders, cryptocurrency exchanges, custodians, infrastructure providers, payment companies, and asset managers. The founding members have collectively pledged $15 million to support developers working on security and post-quantum cryptography. Day-to-day activities will be coordinated by Mike Schmidt, the Executive Director of Brink, a non-profit organization that funds Bitcoin open-source developers.
Focus On Post-Quantum Cryptography
The initiativeโs first focus will be post-quantum cryptography. It noted that while the risk from quantum computers is years away, preparing Bitcoin for these risks is a key priority for the community. Strategy CEO Phong Le stated that Strategy and other Bitcoin holders are hugely incentivized to ensure Bitcoinโs security.
โAs long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute.โ
The consortium will publish, update, and maintain information about Bitcoinโs security and continue to support and fund the networkโs developer community. It will also help spread awareness about the Bitcoin network and its security.
According to Strategyโs statement, the consortium will not participate in developing or governing the Bitcoin protocol, take positions on protocol changes, or speak on behalf of developers. The responsibility for the networkโs development will remain with the Bitcoin community. Robert Mitchnick, BlackRockโs global head of digital assets, stated,
โBitcoin Core developers do incredibly important work, and weโre pleased that our firm and the others in this group will now be making significant additional funding available to support Bitcoinโs long-term security needs.โ
Post-Quantum Preparations: An Industry Priority
The launch comes amid growing efforts by governments and institutions to counter the quantum computing threat. Galaxy announced its Bitcoin Quantum Readiness Initiative this week and committed $5 million towards developer grants to support post-quantum cryptographic tools. It also announced a research program and an advisory council focusing on Bitcoin-specific quantum risks.
US President Donald Trump signed two executive orders, EO 14409 and EO 1441, focusing on quantum computing capabilities and pushing for full post-quantum cryptography migration for high-value federal assets.
The Consortium and other initiatives by Galaxy and the US government indicate that stakeholders acknowledge the threat to Bitcoin by quantum computing.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
