A total of nine companies have formed a consortium pledging a combined $15 million over three years to support Bitcoin’s security research and open-source development.
Companies in the newly formed Bitcoin Security Consortium include major crypto market participants, including BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy.
The group will focus partly on preparing Bitcoin for advances in quantum computing and will publish material tracking the state of Bitcoin security work for investors and the public.
The $15 million will not be held or allocated by the consortium; instead, members will choose which developers, researchers or organizations it funds. The group said it will not direct Bitcoin development or take positions on proposed protocol changes.
Roughly 6.9 million bitcoin could be vulnerable if sufficiently powerful quantum computers emerge, according to CryptoQuant research. Any response would require technical changes and coordination across
Bitcoin’s decentralized network. Mike Schmidt, executive director of Bitcoin developer funding nonprofit Brink, will coordinate the consortium’s work on a volunteer basis.
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