BlackRock, ARK Invest, Strategy form Bitcoin Security Consortium to support network’s long-term security
The group said it will not control Bitcoin development or advocate for particular protocol changes, leaving those decisions to the developer community.
Some of the biggest names in the Bitcoin industry have united to form a new consortium dedicated to strengthening Bitcoin’s long-term security.
The group, called the Bitcoin Security Consortium, includes Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy, and Strategy, according to a Thursday statement.
Under the initiative, members have collectively pledged $15 million over three years to support developers and researchers working on Bitcoin’s long-term security, including preparations for the future era of quantum computing.
“As long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute,” Strategy CEO Phong Le stated.
The consortium will also act as a central source of reliable information on Bitcoin security developments for investors, the public and the media, while allowing each member to direct its own funding independently.
The consortium stressed that it will not influence Bitcoin’s protocol or governance, saying development will remain decentralized. It added that although quantum computers capable of threatening Bitcoin do not yet exist, supporting research into post-quantum cryptography is a prudent long-term investment.
“Bitcoin Core developers do incredibly important work, and we’re pleased that our firm and the others in this group will now be making significant additional funding available to support Bitcoin’s long-term security needs,” Robert Mitchnick, Global Head of Digital Assets at BlackRock, commented.