Galaxy today announced the launch of the Galaxy Bitcoin Quantum Readiness Initiative, a multi-pillar program dedicated to preparing Bitcoin for the threat posed by advances in quantum computing. The initiative includes up to $5 million in grant funding for developers working on post-quantum solutions for Bitcoin, a dedicated research and publishing program through Galaxy Research, and the formation of a Quantum Advisory Council of leading experts in quantum computing and post-quantum cryptography.
Bitcoin’s security relies on elliptic curve cryptography, which could be broken by a sufficiently powerful quantum computer. While no cryptographically relevant quantum computer exists today, the expected timeline for one to be built is compressing. The National Institute of Standards and Technology (NIST) finalized its first post-quantum cryptography standards in 2024, and a recent executive order set a 2031 deadline for the federal government to defend against quantum attacks on classical cryptography.
“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 Mike Novogratz, Founder and CEO of Galaxy. “This initiative reflects that commitment, creating practical steps to research, fund and support the work that keeps Bitcoin secure for the long run.”
Bitcoin’s decentralized governance means protocol upgrades, including those designed to protect against a quantum threat, can take years to design, review, test and deploy. To date, the developers working on quantum resilience for Bitcoin remain few relative to the scale of the challenge.
Galaxy Bitcoin Quantum Readiness Initiative
To address these gaps, the initiative is structured around three pillars:
- Developer Grant Program: Galaxy is committing up to $5 million in grant funding for developers and researchers working on post-quantum cryptographic solutions for Bitcoin. Priority areas include implementation and review of quantum-resistant transaction proposals, development and integration of post-quantum signature schemes into Bitcoin, tooling for wallet and custodian migration, and formal security audits of proposed implementations. Grants will be evaluated individually and disbursed on a milestone basis and Galaxy expects to begin accepting applications immediately. Those interested in applying for grants can email quantum@galaxy.com.
- Research and Publishing Program: Galaxy Research will publish ongoing analysis of the quantum threat to Bitcoin and the evolving landscape of developer efforts to address it with the aim of providing rigorous and accessible information on this topic for institutional investors, policymakers, and the developer community.
- Quantum Advisory Council: A Quantum Advisory Council has been formed to guide the initiative’s research, evaluate grant proposals, and ensure Galaxy’s efforts are grounded in the best available expertise. Meeting regularly with Galaxy’s research team and executives, the Council will advise Galaxy on quantum-related preparedness and contribute to the initiative’s public-facing research output. The inaugural members of the Council are:
- Barry Sanders, Professor and Scientific Director of Quantum City at University of Calgary
- Damien Bérubé, MIT Sea Grant Knauss Fellow
- Eran Tromer, Professor of Computer Science at Boston University
“There’s a gap between the quantum computing world, which is moving fast, and the Bitcoin development world, which is just beginning to engage with post-quantum cryptography in earnest,” said Alex Thorn, Head of Firmwide Research at Galaxy. “Galaxy’s role is to bridge that gap through research that makes the threat legible to investors and policymakers, as well as grants that fund the developers doing the hardest technical work.”
“Quantum timelines continue to compress, and governments and industries worldwide are moving to prepare for potential implications. Bitcoin should be no exception,” said Barry Sanders, Professor and Scientific Director of Quantum City at University of Calgary. “I’m proud to advise Galaxy as it takes a leadership role in that effort.”
Galaxy understands that others in the industry may also be pledging funds toward preparing Bitcoin for quantum computing, and wholeheartedly supports those efforts. The firm welcomes institutions and Bitcoin stakeholders interested in co-funding grants or contributing research, and developers working on post-quantum solutions for Bitcoin.
For more information about Galaxy Bitcoin Quantum Readiness Initiative initiative, grant applications, and other inquiries on Galaxy Bitcoin Quantum Readiness, contact quantum@galaxy.com.
