The startup raised $6 million in seed rounds to protect it Bitcoin From quantum computing.
Focusing on the hypothetical threat of quantum computing to major Crypto networks, Project 11, co-led by variants and quantization, announced Thursday, including participation from venture capital firms Castle Island Ventures, Nebbler and Formation.
The company said that quantum computing is a threat to Bitcoin, so “every wallet, every account owner, every smart contract key, that is, everything will upgrade to the new Quantum-Safe encryption.”
Today, we unveil a $6 million seed round at Project Eleven, building a quantum-enabled future for digital assets. The seed round was co-led by @variantfund and @quantonation with participation from @castleislandvc, @nebularvc and @formation_vc.
Why is this important: Quantum…
– Project 11 (@QDayClock) June 19, 2025
“Quantum computers associated with encryption break the basic security assumptions of Bitcoin and almost all digital assets,” Project 11 said in a statement.
“With rapid advancements from companies like IBM and Google, that future is no longer hypothetical. It’s coming quickly and it won’t be long to prepare.”
Quantum Computing It is a new type of technology that uses quantum physics to process far more information than classic machines.
These computers are still unavailable, and top tech companies such as Google and IBM are working on developing them.
But some of the crypto space raises concerns that the tech giants make Great progress To release quantum computers, Bitcoin encryption may be cracked.
The Bitcoin Network is currently the world’s most secure computing network and has never been hacked.
To decipher the encryption of a network, bad actors need to control over 50% of the Bitcoin network. This requires a huge amount of computing power.
Has a hardcore bitcoiner like strategy co-founder and chairman Michael Saylor I shrugged Concerns about quantum computing say that in the presence of such threats, other computing networks used by bank giants and the US military, face greater risks.
“I don’t worry about that,” he said. “Microsoft and Google sell quantum projects, but they don’t sell quantum computers with cracked encryption to destroy their companies.”
That’s what Bitcoin was like Recent trading It’s about $104,250, and it’s pretty much flat in the last 24 hours.
edit James Rubin