Project Eleven has successfully raised $6 million to develop solutions aimed at protecting Bitcoin from the looming threats posed by quantum computing.

Currently, over 10 million Bitcoin addresses are at risk due to exposed public keys, which could potentially compromise approximately 6.26 million BTC valued at around $648 billion.

The initiative specifically targets wallets with exposed public keys, which are particularly vulnerable to quantum attacks, with an estimated $600 billion in Bitcoin at stake.

Research indicates that a cryptography-breaking quantum computer could emerge as early as 2027, with a more conservative estimate suggesting an average emergence by 2033.

While quantum computers are still under development and not yet publicly available, there are significant concerns regarding their potential to undermine Bitcoin's cryptographic security in the future.

Advancements in quantum computing by major firms like IBM and Google pose a tangible risk to the foundational security of Bitcoin, prompting urgent action from the crypto industry.

Project Eleven emphasizes the critical need to transition all Bitcoin wallets, account holders, and smart contracts to quantum-safe cryptography to mitigate these risks.

CEO Alex Pruden highlighted that the funding will accelerate the development of necessary tools and standards to secure digital assets against imminent quantum threats.

The company's first product, Yellowpages, is a cryptographic registry that enables users to create quantum-resistant proofs linking their current Bitcoin addresses to more secure ones without exposing sensitive information.

In a bid to highlight the urgency of addressing quantum threats, Project Eleven has introduced the Q-Day Prize, offering 1 Bitcoin to the first team that can successfully break Bitcoin's elliptic curve cryptography using a quantum computer.

The funding round was co-led by Variant Fund and Quantonation, reflecting a consensus among investors on the necessity for proactive measures against quantum risks.

The potential threat of quantum computing to Bitcoin remains a contentious issue, with varying opinions on its seriousness, including the US National Security Agency's goal of achieving quantum-resistant systems by 2035.