BlackRock, ARK Invest, Strategy form Bitcoin Security Consortium

Some of the biggest names in the Bitcoin industry, including BlackRock, Fidelity Digital Assets, Coinbase and Strategy, have created the Bitcoin Security Consortium to support the network’s long-term security, backed by $15 million in funding commitments over the next three years. The initiative will focus on financing developers and researchers working on Bitcoin security, particularly efforts to prepare the network for future quantum computing risks. Coordinated by Brink Executive Director Mike Schmidt, the consortium will also provide investors and the public with updates on the state of Bitcoin security research. Each member will independently decide how to allocate its pledged funding to developers, researchers and organizations within the open-source ecosystem. The consortium stressed that it will not influence Bitcoin’s protocol or governance, saying development will remain decentralized. It added that although quantum computers capable of threatening Bitcoin do not yet exist, supporting research into post-quantum cryptography is a prudent long-term investment. This is a developing story. Disclosure: This article was edited by Vivian Nguyen. For more information on how we cr...