Nine financial institutions and Bitcoin companies have formed a Bitcoin security alliance, bringing together founding members Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Asset Management, Galaxy, and Strategy. The group spans custody, trading, infrastructure, payments, and asset management.
$15 million committed over the next three years
The alliance said it will provide a combined $15 million over the next three years to fund developers and researchers focused on Bitcoin security. That work includes long-term efforts such as preparing Bitcoin for a future in which quantum computing becomes a factor. Each member will decide independently which developers, researchers, or organizations to support.
Mike Schmidt to coordinate operations on a volunteer basis
Daily operations will be coordinated by Mike Schmidt, executive director of Brink, serving in a volunteer capacity. Brink is a nonprofit organization that funds open-source Bitcoin developers.
The group says it will not direct the Bitcoin protocol
The alliance said it will not write or direct the Bitcoin protocol, will not take positions on specific protocol changes, and does not represent Bitcoin or its developers. It said Bitcoin development remains in the hands of a global, decentralized community of contributors.
The group described its role as following the model of industry organizations that support open-source software over the long term, giving developers resources and attention without controlling the underlying work.
Executives outline the rationale
Strategy CEO Phong Le said, "As long-term holders, ensuring Bitcoin remains secure for generations is our greatest incentive." BlackRock head of digital assets Robert Mitchnick said the work of Bitcoin core developers is "extremely important" and that the commitment would provide "important incremental funding" for Bitcoin’s long-term security needs.
Materials on Bitcoin security planned in the coming months
The alliance also said it will serve as a reliable source of information on Bitcoin security for investors, the public, and the media. It plans to publish and continue updating related materials over the coming months.