Coinbase: Custodies about 5% of Bitcoin, urging immediate launch of anti-quantum migration

Cryptocurrency exchange Coinbase stated that its custody holds about 5% of the total existing Bitcoin and urged Bitcoin developers to immediately address the threat of quantum computing. Coinbase pointed out that changes to Bitcoin consensus and ecological migration may take years and cannot wait until quantum computers capable of breaking signatures appear.

Coinbase suggested adopting a flexible "container" design similar to BIP-360 to gradually replace quantum-resistant signature systems; it also proposed a phased implementation of a "1-of-2" scheme, allowing the same funds to be spent during the transition period using either traditional keys or quantum-resistant keys. This scheme also needs to be compatible with multi-party computation (MPC) key splitting mechanisms. Coinbase stated that dormant, lost, and Bitcoin held from the Satoshi era are separate governance issues, and any rescue mechanism itself must also possess quantum resistance. In January of this year, Coinbase established a quantum advisory council; in July, it joined the Bitcoin Security Alliance with BlackRock and Strategy, committing a total of $15 million for Bitcoin's quantum-resistant transformation.