On January 14th, Axios reported that Project Eleven, a startup dedicated to protecting cryptocurrencies from quantum computing threats, has completed a $20 million funding round, valuing the company at $120 million. Quantum computing technology has the potential to break the underlying cryptographic mechanisms supporting cryptocurrency security, a long-standing concern in the cryptocurrency industry. Project Eleven focuses on addressing this issue, developing solutions to resist quantum computing attacks to ensure the security of blockchain networks and digital assets.
Last June, Project Eleven completed a $6 million funding round, led by Variant Fund and quantum technology venture capital firm Quantonation.
