Bitcoin Consortium Pledges $15M to Quantum-Resistant Development

Nine financial and crypto companies have launched a new consortium to fund Bitcoin's quantum-resistance work, pledging $15 million over three years. The Bitcoin Security Consortium includes BlackRock, Coinbase, Strategy, and six other Bitcoin companies.

The group aims to fund network security work, including defenses against future quantum computers, but each member will decide independently which developers receive their money. Mike Schmidt, executive director of Brink, a Bitcoin developer nonprofit, will coordinate the group's day-to-day work as a volunteer.

The consortium won't operate a central $15 million fund, instead allowing each member to support existing open-source work and publish research for the wider public.