BlackRock and Fidelity Launch Bitcoin Security Consortium with 15M USD

Nine firms including BlackRock and Fidelity launched the Bitcoin Security Consortium on the 23rd via X to support the long-term security and stability of the Bitcoin protocol. The consortium was formed to address Bitcoin security challenges through collaborative research and development. Members committed 15 million USD, approximately 20 billion KRW, over three years for initiatives prioritizing quantum computing preparedness.

Nine Industry Leaders Form Consortium Membership

The Bitcoin Security Consortium described itself as composed of industry leaders contributing to the long-term security and stability of the Bitcoin protocol. The nine member firms span traditional finance and digital asset sectors:

• Anchorage Digital
• Ark Invest
• BlackRock
• Block
• Blockstream
• Coinbase
• Fidelity Digital Assets
• Galaxy
• Strategy

Members Commit 15 Million USD for Quantum Computing Research

Member firms agreed to provide 15 million USD, approximately 20 billion KRW, to support Bitcoin security research and development. The consortium identified quantum computing as the top priority. The consortium stated that large-scale quantum computers capable of threatening Bitcoin's cryptographic technology do not currently exist and commercialization is anticipated to take several years, making preparedness a critical long-term priority. The consortium aims to provide updates on Bitcoin security including quantum computing and inform the developer community of progress.

FAQ

What did the Bitcoin Security Consortium announce on the 23rd?

Nine firms including BlackRock and Fidelity announced the launch of the Bitcoin Security Consortium on the 23rd via X to support the long-term security and stability of the Bitcoin protocol.

How much funding did consortium members commit for Bitcoin security research?

Member firms committed 15 million USD, approximately 20 billion KRW, over three years for research and development focused on quantum computing preparedness and other Bitcoin security initiatives.