Galaxy Digital pledges $5 million to quantum-proof Bitcoin network

Galaxy Digital has pledged $5 million in grants on Saturday, 25 July, to fund open-source developers working on protecting the Bitcoin network from future quantum computing threats. The initiative aims to accelerate the development of post-quantum cryptography (PQC) to shield the blockchain from the processing power of advanced quantum computers, which theoretically could crack the encryption securing digital assets. Direct Grants for Open-Source Security The $5 million commitment targets independent developers and research teams focused on cryptographic upgrades. Galaxy Digital, led by Mike Novogratz, stated the funding will support the implementation of new signature schemes and security protocols that can resist Shor’s algorithm, a mathematical method that quantum computers could use to break current ECDSA (Elliptic Curve Digital Signature Algorithm) standards. This funding move follows increasing discussions within the global cryptography community regarding the timeline for "Q-Day"—the hypothetical point at which quantum computers become powerful enough to decrypt modern financial systems. Current estimates for this threshold range from five to fifteen years, prompting a…