The first initiative of Project Eleven post-fundraising is to protect the approximately $600 billion in value held in Bitcoin wallets.
Applied labs Project Eleven recently closed a US$6 million fundraising round co-led by Web3 investor Variant Fund and Quantonation, with participation from Castle Island Ventures alongside founding investors Nebular and Formation.
The funding will accelerate Project Eleven’s mission to secure Bitcoin and other digital assets against the threat of cryptographically relevant quantum computers (CRQCs) by developing next-generation cryptography that leverages quantum mechanics to secure or send information.
“As quantum computing capabilities advance, the threat to systems like Bitcoin is no longer theoretical, it’s imminent. This funding allows us to stay ahead of that curve, building the tools, standards, and ecosystem required to ensure digital assets remain secure in a post-quantum world,” said Alex Pruden, CEO of Project Eleven.
In conjunction with the funding announcement, Project Eleven is launching Yellowpages, a cryptographic registry designed to help Bitcoin holders prove ownership in a post-quantum world.
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