What Happens To Crypto If Quantum Computers Break Encryption? Coinbase Is Taking Early Steps To Address Threats

Coinbase formed an independent advisory board to assess how quantum computing could impact blockchain security, citing the need for long-term cryptographic preparedness.

• Coinbase CEO announced that the firm has formed an independent advisory board focused on quantum computing and blockchain security.
• CEO Brian Armstrong explained that the move is aimed at preparing for future cryptographic risks.
• The announcement follows similar concerns raised by Ethereum creator Vitalik Buterin.

The tech industry anticipates a "Q-Day," a decade away, when the current encryption (RSA-2048) can be broken by quantum computers. As concerns mount that advances in quantum computing could eventually undermine current encryption standards, Coinbase is already setting up an advisory board to address a risk that many in the crypto industry believe is a few years away. 

Coinbase CEO Brian Armstrong said on Monday that the crypto exchange has established an independent advisory board to examine how advances in quantum computing could affect blockchain and cryptographic security.

On X, Armstrong pointed to security remaining Coinbase’s highest priority and that the company believes it is important to prepare for potential future threats, even if they are many years away. He said quantum computers “could have implications for blockchain/crypto” and that those implications should be considered early.

In a blog post, Coinbase said the advisory board will operate independently and will assess the intersection of quantum computing and blockchain technology. The company said the group includes researchers with expertise in quantum computing, cryptography, consensus mechanisms, and blockchain systems.

While the company did not outline specific timelines or technical outcomes, it said the goal is to ensure the topic is being “properly considered” as computing technology evolves.

Coinbase (COIN) was trading at $214.46, up by 0.46% in the after-market hours. On Stockwits, retail sentiment around COIN remained in ‘bullish’ territory, as chatter levels around it dropped from ‘high’ to ‘low’ over the past day. 

Broader Industry Discussion On Quantum Risk

Earlier this month, Ethereum (ETH) co-founder Vitalik Buterin said Ethereum should aim to become “cryptographically safe for 100 years” and called for the early deployment of quantum-resistant technology to protect the network over the long term. Buterin said delaying such preparations could increase long-term risk, even if quantum computing capabilities remain limited today.

According to Coinbase, its advisory board is intended to contribute to this broader discussion by evaluating potential future considerations related to blockchain security and cryptography.

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