Galaxy launches US$5M Bitcoin quantum protection fund
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- Galaxy will spend up to US$5 million to help protect Bitcoin from future quantum computing threats.
- The money will fund research, developer grants and new Bitcoin security tools.
- Galaxy said Bitcoin is safe today, but planning must start before quantum computers improve.
Galaxy said it will invest up to US$5 million to help protect Bitcoin (CRYPTO:BTC) from future quantum computing threats.
The company launched the Quantum Readiness Initiative to fund research, developers and security experts.
"As leaders in the digital assets space, we believe it's important that we help be part of the solution to any potential threat quantum computing poses to Bitcoin," said Galaxy founder and CEO Mike Novogratz.
Galaxy said today's quantum computers cannot break Bitcoin's encryption, but stronger machines could become a risk in the future.
The company said Bitcoin upgrades take years because they need broad community support before they are adopted.
The new fund will support post-quantum cryptography, wallet migration tools and new Bitcoin improvement proposals.
Galaxy said developers and researchers can now apply for grants to help strengthen Bitcoin's long-term security.
At the time of reporting, Bitcoin price was $66,397.66.
