Some of the world‘s largest financial institutions and Bitcoin-focused companies have launched the Bitcoin Security Consortium, pledging a combined $15 millionover the next three years to support Bitcoin’s long-term security and resilience.
The founding members include BlackRock, Coinbase, Fidelity Digital Assets, Strategy, ARK Invest, Anchorage Digital, Block, Blockstream, and Galaxy.
The group said it will help fund Bitcoin developers and researchers, with a particular focus on long-term security initiatives such as post-quantum cryptography.
Consortium pledges $15M to strengthen Bitcoin security
The consortium said each member will independently direct funding to the developers, researchers, and organizations it chooses, rather than pooling funds under a central body.
Its day-to-day activities will be coordinated by Mike Schmidt, executive director of Bitcoin development non-profit Brink, who will serve in a volunteer capacity.
According to the announcement, the initiative is designed to support the developers already maintaining Bitcoin while providing investors, the public, and the media with reliable information about the networks long-term security efforts.
“As long-term holders, we have every incentive to see Bitcoin remain secure for generations,” Strategy CEO Phong Le said. “Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute.”
The consortium stressed that it will not develop changes to the Bitcoin protocol, direct Bitcoin Core development, or speak on behalf of Bitcoin developers.
Instead, it described its role as supporting the existing open-source ecosystem while preserving Bitcoins decentralized governance.
Quantum resilience among long-term priorities
One of the consortiums stated priorities is supporting research into post-quantum cryptography.
The group noted that quantum computers capable of threatening Bitcoins cryptographic security do not currently exist. Also, credible estimates suggest such capabilities remain years away.
However, it said preparing for that possibility is a long-term priority already being explored by the Bitcoin technical community.
“Bitcoin Core developers do incredibly important work, and we‘re pleased that our firm and the others in this group will now be making significant additional funding available to support Bitcoin’s long-term security needs,” said Robert Mitchnick, BlackRocks Global Head of Digital Assets.
Over the coming months, the consortium plans to publish educational materials on Bitcoin security. Also, they plan to continue supporting developers and researchers working on the networks resilience.
Final Summary
- BlackRock and six other organizations have launched the Bitcoin Security Consortium, pledging $15 million over three years.
- The initiative will fund developers and researchers, including work on post-quantum cryptography.