Coinbase: Quantum computing threat is distant but industry must prepare

Coinbase has emphasized that while the threat from quantum computers is not immediate, the cryptocurrency industry must begin long-term preparations, warning that powerful quantum computers could neutralize the cryptographic technology underlying major blockchains. In a report, the exchange stated that while experts believe a real threat is at least a decade away, faster-than-expected progress cannot be ruled out. Coinbase assessed that Bitcoin's core infrastructure is largely secure, but wallets are vulnerable because the digital signatures used to prove asset ownership could be compromised. Wallets with key information exposed on-chain face an even greater risk. To address this, Coinbase has formed an advisory committee, is building flexible systems to accommodate new cryptographic standards, and is working with partners on upgrades, concluding that quantum preparedness is a challenge for the entire industry.