Galaxy Digital Launches New Grant For Quantum Computing Security

Galaxy Digital wants to fund breakthrough research around mitigating the risk of quantum computing to Bitcoin. And they’re putting up millions of dollars to do it.

What’s happening:

• Galaxy Digital (NASDAQ: GLXY) has committed up to $5M USD in new grant funding to accelerate research for quantum computing security for Bitcoin known as the Galaxy Bitcoin Quantum Readiness Initiative
  

Why it matters:

• This is the first time ever that Galaxy Digital has committed dedicated grant funding for research projects that are solely focused on making Bitcoin more secure from potential quantum computing threats
  

Going deeper:

• Galaxy Digital has publicly stated that the Galaxy Bitcoin Quantum Readiness Initiative will focus on funding researchers and developers building quantum-resistant transaction proposals, post-quantum signature schemes, wallet and custodian migration tools and security audits
  
• Coinbase (NASDAQ: COIN) previously made waves when they formed a quantum computing advisory board to begin studying risks of quantum computing attacks on crypto wallets and digital assets