Project Eleven acquires Riva Labs to enhance post-quantum security for digital assets

Project Eleven, the New York-based firm building quantum-resistant infrastructure for blockchains, has acquired Riva Labs in a deal designed to accelerate its push into post-quantum cryptography for digital assets. Financial terms of the acquisition were not disclosed.

The move brings Riva Labs’ specialized work in post-quantum signatures, multi-party computation (MPC), and blockchain wallet infrastructure under Project Eleven’s roof. For a company that’s raised $26 million across two funding rounds and earned a $120 million valuation, the acquisition represents less of a moonshot and more of a calculated talent grab.

What Riva Labs brings to the table

Riva Labs has carved out a niche translating dense post-quantum cryptographic research into things that actually work on live blockchains. Their team has built practical deployments on Ethereum and other public chains, demonstrated advanced consumer hardware signing capabilities, and integrated AI into their research process.

Project Eleven CEO Alex Pruden pointed to Riva Labs’ ability to make cryptographic research applicable in real-world systems as a key factor in the acquisition. The integrated team’s focus on MPC, a technique that splits cryptographic keys across multiple parties so no single point of failure exists, is particularly relevant as the industry grapples with how to secure assets against future quantum attacks.

Why quantum threats matter now

Quantum computing’s threat to crypto isn’t theoretical hand-wringing. Current blockchain security, including Bitcoin and Ethereum, relies heavily on elliptic-curve cryptography. A sufficiently powerful quantum computer running Shor’s algorithm could derive private keys from public keys, effectively picking the lock on any wallet whose public key has been exposed.

Project Eleven has been positioning itself at the center of this migration effort since its founding in October 2024. The company has collaborated with the Solana Foundation and Ripple on blockchain quantum-readiness initiatives. The National Institute of Standards and Technology (NIST) finalized its first post-quantum cryptographic standards in 2024, giving the broader tech industry a set of algorithms to build around.

The funding picture

Project Eleven raised $6 million in a seed round in June 2025, then followed up with a $20 million Series A that closed in January 2026. That Series A pushed the company’s post-money valuation to $120 million. The investor list includes Castle Island Ventures and Coinbase Ventures.

What this means for the broader market

For Ethereum specifically, Riva Labs’ prior work on practical post-quantum deployments could prove valuable as the network continues its long roadmap of upgrades. Vitalik Buterin has publicly discussed quantum resistance as a long-term priority for Ethereum, and having battle-tested implementations ready could accelerate that timeline.