Several large institutions that hold or serve Bitcoin have jointly launched a security funding program to support long-term Bitcoin security research, including quantum-resistant cryptography. Participants stated that they have committed a total of $15 million over the next three years, but this funding will not be pooled together; instead, each member will allocate funds separately to developers, researchers, or related organizations.
Nine organizations jointly launched
The initiative is called the "Bitcoin Security Alliance." Initial members include BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy.
The alliance's day-to-day coordination will be handled by Mike Schmidt, executive director of the nonprofit organization Brink, which has long funded Bitcoin open-source developers. The alliance also stated that it will not push for specific modifications to the Bitcoin code, nor will it speak on behalf of the decentralized developer community.
Funds are not pooled together
According to the disclosure, the $15 million is only the total committed amount by members, not a jointly managed fund pool. Each organization will decide independently which developers, research teams, or institutions to invest in.
This arrangement means that the alliance is more of a coordination and funding platform than an organization that directly dictates the technological path. For the slower-paced Bitcoin development system, which requires high consensus, external funding will be used more to support research and development than to directly determine upgrade plans.
The issue of resisting quantum mechanics is gaining momentum.
Bitcoin currently relies on elliptic curve cryptography to verify transaction authorization. Theoretically, if sufficiently powerful quantum computers become available in the future, it might be possible to deduce private keys from publicly available information, thereby threatening the security of funds in some addresses.
The article mentions that ARK Invest estimated earlier this year that approximately 35% of the Bitcoin supply is already stored in addresses that may face future quantum attack risks. Research firm Project Eleven believes that the so-called "Q-Day" could arrive as early as 2029, the time when quantum computers possess the practical capability to crack quantum computers.
However, the associated risks do not mean that a security incident will occur immediately in the short term. A more realistic issue is that Bitcoin protocol upgrades are progressing slowly. Introducing quantum-resistant signature schemes, from research and consensus building to full deployment in wallets, exchanges, and hardware devices, typically requires a considerable amount of time.
Galaxy has already announced its $5 million plan.
Two days before the alliance's official announcement, Galaxy had separately announced the "Bitcoin Quantum Readiness Program," pledging up to $5 million in developer grants to support quantum-resistant solutions. The company also established a quantum advisory board, with members from the University of Calgary and Boston University.
Galaxy Research Director Alex Thorn stated that quantum computing is developing rapidly, while the Bitcoin development field is only just beginning to seriously discuss quantum-resistant cryptography, and the company's goal is to bridge the gap between the two through research and funding.
It remains unclear whether Galaxy's commitment of up to $5 million has been included in the $15 million total claimed by the consortium. The consortium stated that it will continue to release and update information related to Bitcoin security in the coming months.
