Nine major firms commit $15 million over three years to fund Bitcoin security research against quantum computing threats.
BlackRock, Coinbase, and seven other financial and crypto firms launched a $15 million fund to support Bitcoin security research, focusing on quantum computing defense. The Bitcoin Security Consortium includes ARK Invest, Block, and Fidelity Digital Assets, among others, and will distribute funds directly to developers and researchers over three years.
The initiative follows recent volatility in crypto markets, with BTC trading near $65k and ETFs experiencing $225 million in net outflows. ETH ETFs, by contrast, saw $26 million in inflows. The consortium will not influence Bitcoin protocol changes or hold funds centrally.
Mike Schmidt of Brink will coordinate the effort, while BlackRock’s digital assets head, Robert Mitchnick, emphasized the importance of supporting core developers.