BlackRock, Coinbase, and seven other leading Bitcoin companies have joined forces to launch a $15 million Bitcoin Security Consortium. The coalition has vowed to support developers and researchers focused on safeguarding the network over the next three years, particularly against emerging threats like quantum computing.
The consortium revealed its lineup on Thursday, bringing together a diverse group that includes Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy. These participants represent a broad spectrum of the Bitcoin ecosystem from holders and custodians to exchanges, infrastructure providers, and asset managers.
Unlike typical funding pools, each member will independently allocate their share of the $15 million to the developers or initiatives they choose. Mike Schmidt, executive director of the Bitcoin-focused nonprofit Brink, volunteers as the day-to-day coordinator of the consortium’s efforts.
The group clarified it holds no influence over Bitcoin’s protocol. It will neither develop nor direct changes to the codebase, nor speak on behalf of the open-source developer community. This approach mirrors longstanding industry practices where companies back open-source software essential to their operations without exerting control over it.
Strategy’s CEO, Phong Le, explained the motivation behind the initiative: “As long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding those who do this work and fostering informed discussions is a natural way for us to contribute.”
One of the consortium’s top priorities is addressing post-quantum cryptography risks. Bitcoin currently uses elliptic curve cryptography to protect ownership and transactions, but powerful quantum computers could eventually crack this system. Experts predict such technology could appear within the coming decade. Project Eleven, a research firm, warned that nearly 6.9 million bitcoins might become vulnerable in a worst-case quantum attack.
This consortium launch follows other recent quantum readiness efforts by its members. Galaxy, for example, pledged up to $5 million in developer grants through its own Bitcoin Quantum Readiness Initiative, though it remains unclear if this amount is part of the $15 million pledge.
In the months ahead, the group plans to issue and update guidelines on Bitcoin’s security, helping the broader community stay prepared for future challenges.
Bitcoin’s market showed little movement immediately after the consortium announcement.
