A total of nine companies have formed a consortium pledging a combined $15 million over three years to support Bitcoin’s security research and open source development.
Companies in the newly formed Bitcoin Security Consortium include major crypto market participants including BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy.
The group will focus in part on preparing Bitcoin for advances in quantum computing and will publish material tracking the state of Bitcoin security work for investors and the public.
The $15 million will not be held or awarded by the consortium; instead, members will choose which developers, researchers or organizations it funds. The group said it will not lead Bitcoin development or take a position on proposed protocol changes.
“Bitcoin Core developers do incredibly important work,” said BlackRock’s head of digital assets Robert Mitchnick, adding that the group would provide additional funding for Bitcoin’s long-term security.
The announcement did not disclose individual contributions, original recipients or how much of the funding represents new commitments.
Galaxy this week launched a separate $5 million initiative for quantum-resistant signatures, wallet migration tools and security audits. The consortium did not say whether that commitment is included in the $15 million total.
