Nine organizations, including BlackRock, Coinbase, and Strategy, announced a combined $15 million commitment over the next three years to support Bitcoin security research and open-source development. The alliance emphasized that it will not centrally manage the funds or participate in Bitcoin governance or protocol decisions.

Nine institutions jointly funded

The newly formed Bitcoin Security Consortium also includes Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy. The consortium states that each member will decide its own recipients of funding, and the consortium itself will not be responsible for distributing funds centrally.

Currently, the alliance has not disclosed the amount contributed by each company, nor has it announced the first batch of funded developers, researchers, or organizations. The announcement also did not specify how much of this $15 million is new commitment.

Some studies point to quantum risks

The consortium stated that it will support post-quantum security research and release materials to track the progress of Bitcoin security efforts for investors and the public. Robert Mitchnick, head of digital assets at BlackRock, said the arrangement will provide more financial support for the long-term security of Bitcoin.

Currently, no quantum computer exists capable of breaking Bitcoin's existing cryptographic system. However, developers have begun preparing potential safeguards, as coordination between wallets, exchanges, miners, and users could take years should an upgrade be needed.

Proposals have already entered the discussion stage.

Currently discussed solutions include BIP 360. This proposal aims to introduce a new output type to reduce the risks associated with public key exposure. Other directions include post-quantum signature schemes and how to handle Bitcoin stored in old addresses where the public key has already been exposed.

According to research by CryptoQuant, approximately 6.9 million Bitcoins could be at risk if sufficiently powerful quantum computers emerge in the future. Any countermeasures would require not only technological modifications but also coordinated efforts across the entire decentralized network.

Additional information:Galaxy also launched a separate $5 million program this week covering quantum-resistant signatures, wallet migration tools, and security audits. The consortium did not specify whether this funding is included in the aforementioned $15 million total. Brink Executive Director Mike Schmidt will coordinate the consortium's work as a volunteer.