- Coinbase launched the Bitcoin Security Consortium with major industry firms to support Bitcoin’s long-term post-quantum security.
- Coinbase is developing post-quantum custody systems while preparing cryptographic upgrades across its blockchain infrastructure.
- The consortium will fund Bitcoin security research and support developers working on future post-quantum migration proposals.
Coinbase has launched the Bitcoin Security Consortium with BlackRock, Fidelity Digital Assets, Block, Blockstream, Strategy, Galaxy, Anchorage Digital and ARK Invest to support Bitcoin’s long-term security against future quantum computing risks. Coinbase CEO Brian Armstrong said quantum computing does not currently threaten Bitcoin, however, preparation must begin before fault-tolerant quantum computers become available.
Coinbase Expands Post-Quantum Preparations
According to Coinbase, the company formed its Independent Advisory Board on Quantum Computing and Blockchain earlier this year. The board concluded that blockchain cryptography will eventually require replacement, although the timeline remains uncertain.
Coinbase said the biggest challenge involves coordinating upgrades across decentralized networks and millions of users. As a result, the company has started preparing operational systems instead of waiting for the threat to become immediate.
The company also announced development of PQ-CoreKMS, a post-quantum version of its proprietary key management platform. Coinbase said CoreKMS currently protects about 99.9% of customer assets held in custody.
Within the next year, Coinbase expects to deploy an automated signing pipeline using secure enclaves, threshold cryptography and secret-sharing technologies. It also began reviewing every cryptographic system across its business while assessing Ethereum’s post-quantum roadmap for Base.
Consortium Supports Bitcoin Developers
Alongside its internal work, Coinbase will co-host a Bitcoin post-quantum working session with Stanford this August. The meeting will bring together Bitcoin Core developers, researchers and cryptographers to discuss migration strategies and technical challenges.
Coinbase said it plans to hold additional sessions regularly as development continues. Meanwhile, the company confirmed it will dedicate engineering resources to open-source work supporting proposals including BIP-360 and other Bitcoin migration efforts.
Industry Members Back Long-Term Security
The Bitcoin Security Consortium includes BlackRock, Fidelity Digital Assets, Block, Blockstream, Strategy, Galaxy, Anchorage Digital and ARK Invest. According to Cryptopolitan, consortium members committed a combined $15 million over three years to support developers, researchers and organizations working on Bitcoin security.
Brian Armstrong said researchers, developers, protocols and companies must work together on post-quantum readiness. However, the consortium did not disclose individual financial contributions or identify the first projects expected to receive funding.
