A newly formed consortium of financial institutions and Bitcoin companies aimed at supporting the long-term security and resilience of the Bitcoin network has officially launched. The consortium, known as the Bitcoin Security Consortium, is made up of nine institutions active in the Bitcoin ecosystem: Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy, and Strategy.
According to an official statement, the consortium “intends to publish and maintain material on Bitcoin’s security, updated as developments warrant, and to continue funding and supporting the developer community”.
The statement adds that the group does not “develop or direct Bitcoin’s protocol, takes no position on specific protocol changes, and does not speak for Bitcoin or its developers”.
To kickstart the initiative, the consortium has collectively pledged $15 million over the next three years to “help fund and support the developers and researchers already working on Bitcoin’s security, including the long-term work of preparing Bitcoin for a potential era of quantum computing”. Each member has control over who receives their pledged funds.On the topic of quantum computing, the consortium notes: “Large-scale quantum computers capable of threatening Bitcoin’s cryptography do not exist today, and credible estimates place such capability years away. Preparing post-quantum protections is nonetheless a meaningful long-term priority, and one the Bitcoin technical community is already actively working on.
“The Consortium aims to support that work and to provide a grounded reference point for investors, the public, and the media as the field develops.”
