A startup called Project 11 has raised $6 million in a seed funding round to develop quantum-resistant solutions for Bitcoin.
The funding round, announced on Thursday, was co-led by Variant and Quantonation, with additional participation from Castle Island Ventures, Nebular, and Formation. Project 11 is focused on the potential threat quantum computing poses to Bitcoin’s $BTC cryptographic security.
In a statement, the company warned:
“Every wallet, every account holder, every smart contract key—all of it—must upgrade to new, quantum-safe cryptography.”
They added that a “cryptographically relevant quantum computer” could break the core security systems not just of Bitcoin $BTC , but of nearly every digital asset.
“With rapid progress from companies like IBM and Google, that future is no longer hypothetical. It’s coming fast—and there isn’t long to prepare.”
Quantum computing, still in development, uses the principles of quantum physics to process information far more efficiently than traditional computers. While not yet publicly available, companies like Google and IBM are making rapid advancements.
As development accelerates, concerns are growing in the crypto space that Bitcoin’s current encryption could eventually be vulnerable. Despite this, the Bitcoin network remains the most secure computing system in existence and has never been hacked.
To compromise the network, an attacker would need to control more than 50% of its computing power, a nearly impossible task with today’s technology.
However, some Bitcoin $BTC advocates remain unconcerned. Michael Saylor, co-founder and chairman of Strategy, dismissed quantum computing worries, noting that if such machines ever posed a real threat, banks, governments, and tech giants would be at even greater risk.
“I don’t worry about it,” said Saylor. “Microsoft and Google promote their quantum computing projects, but they’d never sell a quantum computer that cracks encryption—it would destroy their own business models.”
