Project Eleven raises $20 million Series A at $120 million valuation to prepare crypto networks for post-quantum threats
Crypto startup Project Eleven secured $20 million in Series A funding to develop tools securing blockchains against future quantum computing threats.Summary
Project Eleven, a startup focused on building tools to secure blockchains like Bitcoin against post-quantum threats, has successfully raised $20 million in a Series A funding round, achieving a $120 million post-money valuation. The round was led by Castle Island Ventures, with participation from several other venture firms, and Nic Carter of Castle Island Ventures joined the board. The urgency stems from the risk that powerful quantum computers could eventually break current cryptographic standards like the Elliptic Curve Digital Signature Algorithm, potentially compromising trillions in digital assets. Project Eleven's CEO, Alex Pruden, suggested that a cryptographically-relevant quantum computer could arrive by 2030. The company's current product, Yellowpages, allows Bitcoin holders to generate post-quantum keys to prove ownership in a future "Q-Day" scenario, and they are also collaborating with the Solana Foundation on readiness planning. Project Eleven aims to become a "Palantir" for digital asset migrations to post-quantum cryptography.
(Source：The Block)