Nine of the biggest names in the institutional Bitcoin world launched the Bitcoin Security Consortium on Thursday, a group backed by member pledges of $15 million over three years to fund work on long-term network security, including preparing for Future era For quantum computing.
Founding members are Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy, and Strategy, a group that includes owners, custodians, exchanges, infrastructure and payments providers, and asset managers.
The daily work of the consortium is the responsibility of… Mike SchmidtCEO of non-profit developer Brink, who works in a volunteer role.
Schmidt tweeted about the role, Saying“I said yes because supporting Bitcoin developers and helping people understand their work are the two things I spent my time at Bitcoin doing, through Brink and Optech. This group wants to do both: fund the people who actually secure Bitcoin, and bring accurate information about that work to audiences it doesn’t currently reach.”
Each member directs its own funding to developers, researchers, and organizations of its choice; The $15 million figure is the total of independent pledges, not pooled funds. The group also plans to serve as a reference point on Bitcoin security for investors, the public and the media, and to publish material that will be updated as the field develops.
Finance advocates
The consortium has drawn clear boundaries of its role. It says it does not develop or direct the Bitcoin protocol, takes no position on specific changes to the protocol, and does not speak for Bitcoin or its developers.
It models itself on industry groups funding the open source software they rely on without controlling the business.
“Bitcoin development is, and will continue to be, the work of a decentralized global community of contributors,” the group said.
“As long-term holders, we have every incentive to see Bitcoin remain safe for generations,” said Vong Lu, chief strategy officer. “Funding the people doing this work, and helping to inform the conversation about it, is a natural way for us to contribute.”
Robert Mitchnik, global head of digital assets at BlackRock, said that Bitcoin Core developers are “doing very important work,” and that members will make “significant additional funding available to support Bitcoin’s long-term security needs.”
Brink, a non-profit organization coordinating the effort, has funded open source Bitcoin work since 2020, including Over $1 million for developers In one year and The first third-party security audit of Bitcoin Core. Schmidt co-founded the group with developer John Newberry.
Bitcoin and quantum
Much of the consortium’s stated focus falls on the quantitative question. There are no large-scale quantum computers capable of decrypting Bitcoin today, and reliable estimates suggest that such a capability may disappear within years.
The group positions post-quantum security as a long-term priority that the technical community is already working on, and positions itself as a go-to resource as this work moves forward.
This framework coincides with a broader institutional shift towards this issue. Coinbase has Formed a quantum computing advisory boardGalaxy launched its quantum readiness initiative with developer grants days ago, and BlackRock listed quantum computing as a risk in spot BTC ETF deposits.
Developers, for their part, have Proposed immigration plans The Bitcoin Policy Institute builds on schemes like BIP-360 that would move coins to quantum-resistant addresses Be warned that the schedule is compressed.
There are differing views on the urgency, a division embodied by the consortium members. Adam Back, Founder of Blockstream Members The quantum threat is called decades awaywhile other voices predict a capable machine within the next few years.
The risks are high either way, with Coinbase research estimating that between 20% and 50% of Bitcoin supply, mostly in legacy wallet formats, could face a long-term quantum attack.
The consortium avoids discussing the timeline and is betting on its role on financing and information rather than forecasts. His own summary finds that The danger is real, but the network is preparing.
