Banks join quantum-resistant crypto transfer pilot

• Banks and regulators have joined a pilot testing quantum-resistant crypto wallets and blockchain transfers.
• The pilot uses ML-DSA-65 on a quantum-resistant NEAR testnet.
• Participants include regulators from Abu Dhabi, Bhutan and Malta, plus two banks.

Banks and financial regulators across Europe, the Middle East and Asia have joined a quantum-resistant crypto pilot.

The project will test digital asset wallets and onchain transfers against future quantum computing risks.

The Responsible Fintech Institute and Safeheron announced the initiative on 24 August.

The pilot uses multiparty computation with ML-DSA-65, a post-quantum signature standard from NIST.

The tests will run on a quantum-resistant NEAR testnet, with banks testing wallet creation and transfers.

Participating regulators include Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office and Malta’s Financial Services Authority.

The organisers plan to publish a white paper and eventually open-source the technology behind the pilot.