Project Eleven Secures Funding to Combat Quantum Threats
In a significant move aimed at safeguarding cryptocurrencies against the emerging threat posed by quantum computing, startup Project Eleven has successfully secured $20 million in funding. This financial boost places the young company at a valuation of $120 million. Among its prominent investors are established players from the cryptocurrency landscape, including the crypto-focused venture capital firm Variant Fund and the quantum technology investment group Quantonation, both of which previously supported the company in its seed funding round in June 2025.
Preparing for “Q-Day”
Project Eleven is gearing up for a pivotal moment they refer to as “Q-Day,” an anticipated future scenario in which quantum computers will possess the capability to crack the encryption that protects online transactions and financial systems. Integral to the security of Bitcoin, Ethereum, and other significant blockchain technologies is Elliptic Curve Cryptography (ECC), which is used to generate the necessary public and private keys. A sufficiently advanced quantum computer utilizing Shor’s Algorithm could theoretically dismantle this security layer, enabling attackers to access any cryptocurrency wallet that has exposed its public key.
Assessing the Risks
The startup estimates that around $718 billion in Bitcoin may be at risk due to these vulnerabilities, as these funds are held in wallets that could be easily targeted by quantum attacks. In response, Project Eleven is specifically developing solutions aimed at reinforcing the security of current blockchains through “post-quantum” technology. Their leading product, dubbed “Yellowpages,” serves as a cryptographic registry that enables users to verify their ownership of exposed Bitcoin addresses. This system links their identities to a quantum-resistant alternative, thereby creating a backup record of ownership that can reclaim funds in the event of a breach.
Expert Opinions on Quantum Threats
While the potential threat posed by quantum advancements has sparked considerable debate, experts generally agree that claims regarding the imminent danger of quantum computers disrupting Bitcoin capabilities are exaggerated. Current consensus among leading cryptographers, governmental bodies, and market analysts suggests that a significant quantum breakthrough will not occur in the near future. However, Ethereum’s co-founder, Vitalik Buterin, has cautioned that elliptic curve cryptography may face significant threats from quantum computing before 2028.
