Crypto financial services firm Galaxy has committed up to $5 million to help prepare Bitcoin for the potential threat posed by quantum computing through a new initiative.
The Bitcoin Quantum Readiness Initiative also includes an advisory council of quantum computing and cryptography experts and a research program focused on the issue. Galaxy said it wants to fund and support work that could help keep Bitcoin secure over the long term.
Bitcoin relies on elliptic curve cryptography, which could eventually be broken by a sufficiently powerful quantum computer. While no cryptographically relevant quantum computer exists today, Galaxy said the expected timeline for developing one is shortening. The National Institute of Standards and Technology finalized its first post-quantum cryptography standards in 2024, while a U.S. executive order set a 2031 deadline for federal agencies to prepare for quantum attacks on existing cryptographic systems.
Bitcoin's decentralized governance means major security upgrades can take years to design, review, test and deploy. The number of developers working on quantum resistance also remains relatively small, Galaxy noted.
"There's a gap between the quantum computing world, which is moving fast, and the Bitcoin development world, which is just beginning to engage with post-quantum cryptography in earnest," said Galaxy's head of firmwide research Alex Thorn.
