Galaxy Digital Launches $5 Million Bitcoin Quantum Security Fund
Summary
- Galaxy Digital said it has created the $5 million Bitcoin Quantum Security Preparedness Initiative fund.
- The fund will support research into signature algorithms resistant to quantum-computer attacks and wallet-migration protocols for Bitcoin.
- CryptoQuant said quantum computers could put about 6.9 million Bitcoin worth $461 billion at potential risk if they crack Bitcoin's encryption.
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Galaxy Digital has launched a $5 million fund aimed at preparing for security threats posed by quantum computing.
BlockBeats reported on July 22 that the U.S. crypto firm rolled out the Bitcoin Quantum Security Preparedness Initiative to support developers and researchers studying quantum-safe technology for Bitcoin. The fund is valued at $5 million.
The initiative will support research into signature algorithms resistant to quantum-computer attacks, as well as protocols to migrate existing Bitcoin wallets to a new security framework. Galaxy Digital also aims to draw in research participation from other institutions to accelerate Bitcoin's post-quantum transition.
Separately, CryptoQuant said that if quantum computers eventually break Bitcoin's current encryption technology, about 6.9 million Bitcoin could be exposed to potential risk. At current prices, that would be worth $461 billion.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul