Firm Raises $6M to Defend Bitcoin From Quantum Attacks
The post Firm Raises $6M to Defend Bitcoin From Quantum Attacks appeared on BitcoinEthereumNews.com.
Project Eleven, a development firm focused on post-quantum cryptography, raised $6 million to help secure Bitcoin and other digital assets against future quantum computing threats. According to a Thursday announcement shared with Cointelegraph, the funding round was co-led by leading Web3 investor Variant Fund and quantum tech investor Quantonation, among others. It marks Quantonation’s first investment in the crypto space. Project Eleven CEO Alex Pruden said the funding will allow the company to build “the tools, standards and ecosystem required to ensure digital assets remain secure in a post-quantum world.” According to Eleven Labs and YCharts data cited by Project Eleven, “There are currently 10,095,693 Bitcoin addresses with a non-zero balance and an exposed public key, putting a total of 6,262,905 BTC — worth about $648 billion — at risk of a potential quantum attack.” Percentage of BTC at risk. Source: Eleven Labs (Jan. 17, 2025) and YCharts (June 18, 2025) Related: Bitcoin must upgrade or fall victim to quantum computing in 5 years The company’s first release, a cryptographic registry called Yellowpages, is designed to let users create a quantum-resistant proof linking their current Bitcoin addresses to new, secure ones, without relying on onchain activity. Pruden said the registry will act as a fallback in the event that quantum computers compromise existing Bitcoin keys. Pruden said Yellowpages was audited by Cure 53 and that the company will post the audit results shortly. Project Eleven has also opened discussions with Bitcoin Core developers about potential future upgrades. The quantum threat to Bitcoin Adam Back, cited by Satoshi Nakamoto in the Bitcoin (BTC) white paper, previously suggested that quantum computing pressure may force Bitcoin’s creator to reveal whether they’re alive. The quantum threat to Bitcoin is a controversial topic, with some arguing that it is a theoretical threat that does not…
Filed under: News - @ June 20, 2025 4:20 am