Nine companies are working together, promising a total of $15 million over the next three years to fund research and improvements for Bitcoin’s security and its open-source code.
The newly created Bitcoin Security Consortium brings together key players in the crypto industry, such as BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy.
The team is working to make sure Bitcoin remains secure as quantum computers become more powerful. They’ll share updates on this important security work with both investors and the general public.
The $15 million won’t be managed by the consortium itself. Instead, its members will decide which developers, researchers, or organizations receive the funding. The group also stated it won’t control the direction of Bitcoin development or publicly support specific changes to its underlying rules.
Robert Mitchnick, who leads digital asset efforts at BlackRock, praised the vital contributions of Bitcoin Core developers and announced further financial support to help ensure Bitcoin’s continued security.
The announcement didn’t reveal who donated how much, who will receive the funds first, or how much of the money is newly pledged.
This week, Galaxy announced a new $5 million program focused on developing quantum-resistant security features, tools to help users switch to safer wallets, and comprehensive security checks. It’s unclear whether this $5 million is part of the previously announced $15 million investment.
Although quantum computers powerful enough to crack Bitcoin’s security aren’t available yet, developers are already preparing for that possibility. This is because updating the system across all its different parts – like digital wallets, trading platforms, mining operations, and individual users – would be a lengthy process.
Several ideas are being considered to improve Bitcoin security. One proposal, BIP 360, aims to reduce the risk of public keys being compromised. Other options include using new types of digital signatures that are resistant to future computers, and finding solutions for coins currently stored in potentially vulnerable addresses.
Research from CryptoQuant suggests that around 6.9 million bitcoins might be at risk if quantum computers become powerful enough to break current security measures. Protecting against this threat would necessitate updates to the Bitcoin system and cooperation among all those who maintain it.
Mike Schmidt, who leads the nonprofit Brink that funds Bitcoin developers, will help organize the group’s efforts as a volunteer.
2026-07-23 16:06