BlockBeats News, July 22nd, Cryptocurrency financial services company Galaxy Digital announced the establishment of a $5 million Bitcoin Quantum Readiness Initiative, funding developers to research solutions to address future quantum computing threats.

The initiative is now open for applications, with funding directions including post-quantum signature algorithms, wallet migration tools, and security audits. Galaxy stated that they hope to attract more institutions to invest funds and research, speeding up Bitcoin's transition to post-quantum cryptography.

According to CryptoQuant data, if future quantum computers have the ability to break the existing Bitcoin encryption algorithm, approximately 6.9 million BTC (valued at around $461 billion at current prices) may face the risk of theft. Although the industry generally believes that quantum computing is not yet sufficient to threaten the Bitcoin network in the short term, preparation work should start early as protocol upgrades require long-term collaboration among developers, wallets, exchanges, and users.