Galaxy commits $5M to prepare Bitcoin for quantum threat
The crypto asset manager is funding efforts to quantum-proof Bitcoin before 'Q-Day' arrives, potentially as early as 2030
Galaxy has launched a Bitcoin Quantum Readiness Initiative and committed up to $5 million to help protect the network against future threats from quantum computing.
The funding will provide grants to developers working on post quantum solutions for Bitcoin. The initiative also includes a dedicated research program led by Galaxy Research and a Quantum Advisory Council composed of experts in quantum computing and cryptography.
Galaxy said current quantum computers are not capable of breaking Bitcoin’s security. However, advances in the technology could eventually threaten the elliptic curve cryptography used to verify ownership and authorize transactions.
A sufficiently powerful quantum computer could potentially derive a private key from an exposed public key, allowing an attacker to access vulnerable Bitcoin. The primary concern relates to Bitcoin’s signature system rather than its proof of work mining mechanism.
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Preparing the network would require developers to introduce quantum resistant signature schemes and users to move funds into protected addresses. Any major Bitcoin upgrade would also require broad coordination among developers, miners, businesses and node operators.
Galaxy said Bitcoin’s deliberately slow upgrade process makes it important to begin preparing before quantum computers become an immediate threat. The company is calling on other industry participants to contribute funding, research and technical support to the effort.
The initiative comes as crypto firms increasingly examine how quantum computing could affect blockchain security. No major cryptocurrency has fully implemented post quantum signature protection, while researchers say the migration process could take years to coordinate.