$460 billion Bitcoin risk draws BlackRock, Coinbase and Strategy into $15M quantum defense mission

BlackRock, Coinbase and Strategy are backing a $15 million effort to prepare Bitcoin against future quantum-computing attacks.The companies are among nine founding members of the Bitcoin Security Consortium, announced July 23 to support developers and researchers working on the network’s long-term security.The consortium also includes Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy, bringing together asset managers, custodians, exchanges, infrastructure providers and companies with substantial businesses or holdings tied to Bitcoin.Quantum computing will be the group’s first focus as advances in the technology draw greater attention to cryptographic systems that could eventually become vulnerable.Phong Le, Chief Executive Officer of Strategy, said:“As 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.”Quantum advances raise pressure on Bitcoin’s security timelineThe institutional funding push comes as governments and technology researchers step up preparations for cryptography that can ...