A startup has raised $6 million in a seed round to protect Bitcoin from quantum computing.
Project 11, which focuses on quantum computing's hypothetical threat to the leading crypto network, announced the raise Thursday, which was co-led by Variant and Quantonation, and included participation from venture capital firms Castle Island Ventures, Nebular, and Formation.
The firm said that quantum computing is a threat to Bitcoin so "every wallet, every account holder, every smart contract key—all of it—must upgrade to new, quantum-safe cryptography."
"A cryptographically relevant quantum computer will break the foundational security assumptions of Bitcoin and nearly every digital asset," Project 11 said in a statement.
"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 is a new type of technology that uses quantum physics to process far larger amounts of information than classical machines.
Such computers aren't available to the public yet and top tech companies like Google and IBM are working on developing them.
But some in the crypto space have raised concerns that as tech giants make bigger strides to releasing a quantum computer, Bitcoin's cryptography could be cracked.
Some members of Bitcoin’s community are quick to shrug off advancements in quantum computing, but behind closed doors, influential cryptographers and business leaders are concerned about a potential catastrophe.
A computer strong enough to reverse engineer wallets’ private keys could one day disrupt Bitcoin’s market, flooding exchanges suddenly with ancient Bitcoin and sending prices spiraling, computer and security experts explained at a private luncheon last week—a short walk away from The Ven...
The Bitcoin network is currently the world’s most secure computing network—and has never been hacked.
In order to crack the network's cryptography, a bad actor would have to take control of more than 50% of the Bitcoin network, which would require a huge amount of computing power.
Hardcore Bitcoiners like Strategy co-founder and chairman Michael Saylor have shrugged off concerns about quantum computing, saying that when such a threat exists, other computing networks—used by the likes of banking giants or the U.S. military—will face a bigger risk.
"I don't worry about it," he said. "Microsoft and Google market their quantum projects, but they would never sell a quantum computer that cracked cryptography, because it would destroy their own companies."
Elon Musk unveiled Grok 4 during a Wednesday night livestream, claiming his AI startup xAI had created the "world's smartest artificial intelligence." Grok 4 Heavy, which Musk likened to "a study group" where agents compare notes before delivering an answer, posted record-breaking results on several key benchmarks, and is what you'd hope to get from an enterprise offering that costs a whopping $300 a month.
But what about basic Grok 4, which is aiming for the same consumer-facing category as Cha...
Among the demos Elon Musk showed off during Grok 4's launch on July 9 was a banger asking the AI to predict which team will win Major League Baseball's World Series later this year.
After 4.5 minutes of number-crunching that analyzed data from Polymarket, the Ethereum-based prediction markets platform, and using what xAI calls its "Heavy" reasoning capabilities, Grok 4 delivered its verdict: The Los Angeles Dodgers are the most likely team to win the 2025 World Series. Grok gave L.A. a 21.6% cha...
Coinbase has teamed up with Perplexity AI to bring real-time AI-powered, crypto data to traders, Coinbase co-founder and CEO Brian Armstrong announced on X.
In a post on Thursday, Armstrong said the collaboration will undergo a two-phase integration. In the first phase, Perplexity will focus on Coinbase market data, including the COIN50 index, with the information available on Perplexity’s new Comet browser.
“I expect enhanced crypto functionality will be a catalyst for AI to achieve another 10x...