Coinbase Forms Advisory Board to Study Quantum Computing and Blockchain
Coinbase has formed an independent advisory board to assess how advances in quantum computing will affect the cryptography used by major blockchain networks, including Bitcoin and Ethereum.
In a blog post on Wednesday, Coinbase introduced an advisory board that included top researchers in quantum computing, cryptography, distributed systems, and blockchain security in academia and industry from leading universities, the Ethereum ecosystem, and Coinbase.
The board publishes public papers that review the state of quantum computing and its implications for blockchain systems, issues guidance for developers, organizations, and users, and provides feedback with independent analysis in quantum technology.
Coinbase said the board operates independently of company management and is intended to provide industry-specific research rather than serve as an internal review body. The board is expected to publish its first position statement in early 2027, outlining an initial assessment of quantum-related risks.
The company says the initiative will run alongside internal efforts to modernize Bitcoin's address management and key management systems, as well as long-term research into post-quantum cryptographic standards.
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The ongoing debate in crypto on quantum computing
A quantum computer is a type of computing that uses quantum bits, or qubits, to process information in a way that is different from classical computers, and can challenge some of the cryptographic techniques used to secure digital systems.
As the technology advances, the debate continues over the scale of risk in the crypto industry and how quickly quantum computers can reach that level of capability.
On Friday, Jefferies strategist Christopher Wood removed bitcoin from his core “greed and fear” model portfolio, citing concerns that advances in quantum computing could undermine the cryptocurrency's long-term security.
In the paper, Wood said that rising quantum risks could weaken Bitcoin's case as a store of value for long-term retirement-type investors. Faster-than-expected advances toward “cryptographically relevant” quantum machines could allow attackers to extract private keys from exposed public keys, he warned.
Others in the crypto industry disputed the timeline. On December 18, Adam Temels, cryptographer and co-founder of Blokstream, stated in a series of X posts that while it makes sense that Bitcoin is “quantum ready,” quantum computing does not pose a near-term threat.
They argued back that the technology remains at a very early stage, predicting no material danger in the next decade and as encryption is not the main security method of the network, and even partial breaks in cryptography will not allow Bitcoin to be stolen.
A similar timeline assessment was echoed by PsiQuantum co-founder and chief technology officer Mark Thompson in an interview with the Financial Times in November.
Thompson said large-scale quantum computers could eventually break today's public-key cryptosystems, but emphasized that the hardware required is beyond current capabilities.
Quantum computers capable of such attacks would require tens of millions of qubits, he said, meaning commercial and scientific applications would emerge well before direct threats to cryptography.
Thompson argues that this slow development will give governments, companies and blockchain networks time to adapt, including transitioning to post-quantum cryptographic standards. And so he said.
When you start seeing people using quantum computers to solve very important problems, you can actually think: maybe Q-Day is exactly five years away, maybe 10 years away. And that's when you should start worrying.
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