Crypto Firms Rush to Secure Wallets Against Quantum Threat

Crypto companies are taking steps to secure their wallets against the threat of quantum computing.

The National Institute of Standards and Technology (NIST) has approved several algorithms for post-quantum cryptography. Silence Laboratories is among those upgrading its wallet infrastructure, adding support for distributed multi-party computation (MPC) signatures using ML-DSA.

This algorithm was selected by NIST as one of the most suitable for MPC due to its efficient distributed transaction signing capabilities.

The upgrade allows institutions with existing MPC infrastructure to migrate to quantum-resistant wallets through a simple code update. However, wallet-level upgrades alone may not be enough to protect users if underlying blockchain networks do not follow with protocol changes.