Coinbase creates a council to curb quantum computing risk to Bitcoin

Source: PortaldoBitcoin Original Title: Coinbase Creates Advisory Board to Address Quantum Computing Risks to Bitcoin Original Link: As advances in quantum computing lead blockchain developers to revisit old security assumptions, a regulatory compliance platform announced it is forming an independent advisory board to discuss how to protect blockchains like Bitcoin and Ethereum from future quantum machines.

Although computers capable of breaking modern cryptography do not yet exist, researchers warn that transitioning global financial systems and blockchains to new cryptographic standards could take years — prompting some companies to start planning long before the technology becomes a reality.

“Quantum computing is advancing, and while we do not believe it poses an imminent threat to cryptocurrencies today, the reality is that updating global networks and security standards takes years,” said a spokesperson for the platform. “We are formalizing this Advisory Board now so that the ecosystem can plan early, responsibly evaluate the evidence, and coordinate pragmatic steps to keep blockchain infrastructure resilient in the long term.”

The advisory board includes University of Texas at Austin professor Scott Aaronson; UC Santa Barbara Fintech Research Lab head Dahlia Malkhi; Stanford cryptographer Dan Boneh; Ethereum Foundation researcher Justin Drake; University of Washington associate professor and EigenLayer founder Sreeram Kannan; and the platform’s chief cryptographer, Yehuda Lindell.

“I joined the advisory board because it seemed like an opportunity to provide factual guidance on something extremely important and because they needed people working with quantum computing,” said Professor Aaronson.

The platform stated that the board will publish articles assessing risks related to quantum computing, issue guidance for users and developers, and provide independent analyses after significant developments in the area.

“No one really knows how much longer we have until quantum computers can break current public key cryptosystems — it could be a few years or several decades,” added Aaronson. “What’s clear is that we need to start thinking now about transitioning to post-quantum cryptosystems and have the capacity to respond to future events as they happen.”

From Theory to Practice

Although current quantum computers are still small and unstable enough to threaten blockchain networks, developers no longer see the risk as purely theoretical.

Bitcoin and Ethereum rely on elliptic curve cryptography, which researchers say can be broken by sufficiently powerful quantum machines with error correction, using Shor’s algorithm — allowing attackers to derive private keys from public ones.

In response, developers of major networks have begun exploring post-quantum cryptographic approaches and migration pathways, including hybrid signature schemes and phased updates, even as they debate impacts on performance, coordination, and timing.

Ethereum co-founder Vitalik Buterin advocates for protocols adopting quantum-resistant cryptography well before the threat becomes practical; on the other hand, others — like Cardano founder Charles Hoskinson — warn that moving too quickly could significantly slow networks without proper hardware support.

Quantum researchers say the announcement reflects increasing pressure on financial and tech companies to develop post-quantum security, as governments move to formalize new cryptographic standards.

Anastasia Marchenkova, a quantum researcher and advisor to a post-quantum cryptography company, said the announcement follows rising doubts about how the platform intends to address quantum technology.

“So, this announcement came at a very opportune moment. I’m glad the platform is looking into this because it’s really important for the longevity of cryptocurrencies,” she said.

Marchenkova noted that, although discussions about quantum threats are not new in the crypto universe, they have gained new urgency as regulators begin formalizing post-quantum standards. She emphasized that there is still skepticism about the timelines for practical quantum computing, adding that “this will not be an easy process.”

Despite this, Marchenkova highlighted that the combination of academic expertise and private sector involvement on the advisory board addresses the core challenge of cooperation in planning post-quantum security.

“It’s not just platform people, nor only researchers; it’s also cryptocurrency experts,” she said. “That’s important because one of the biggest challenges in post-quantum security is bringing together those who understand quantum computing with those who understand cryptography and real-world systems.”

As a publicly traded company, the decision to openly address quantum risks carries weight both inside and outside the crypto sector, according to Marchenkova, as banks and infrastructure providers increasingly incorporate post-quantum threats into their security planning.

“Every additional person and entity that starts talking about post-quantum security is a sign that the topic is being taken seriously,” she said, noting that the platform’s name is recognized even by those who do not follow the crypto universe, which can bring quantum discussions closer to the average user.

“If you’re going to start looking into cryptocurrency, this is a name that comes up for everyone,” Marchenkova said. “This announcement is a first step toward saying that it could indeed affect you in some way — so, let’s start talking about it.”