Coinbase CEO Brian Armstrong Says Quantum Computing 'Very Solvable' Issue, Sees No Risk To Blockchain

Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong downplayed concerns on Wednesday that quantum computing could crack the encryption of blockchains in the future.

Coinbase ‘Front-Footed’ On Quantum Risks, Says Armstrong

During an interview with CNBC, Armstrong said that quantum computing is a very “solvable” issue and that Coinbase is already “front-footed” in addressing it.

“We’re in regular contact with the major blockchains about a path to upgrade to a post-quantum cryptography world,” the cryptocurrency mogul said. “So we’re going to stay engaged on that.”

Coinbase announced the formation of an advisory board last month to assess the implications of quantum computing and prepare for “threats,” even those many years away.

The advisory board will publish research papers on the state of quantum computing, its blockchain implications, issue recommendations to organizations, and respond in real time to emerging threats.

Quantum Uncertainty To Impact Crypto Investments?

Leading industry figures, however, have expressed concerns about the emergence of a quantum computer that is capable of cracking Bitcoin's (CRYPTO: BTC) public keys to derive its private keys.

Renowned investor Kevin O’Leary said earlier this week that fears over quantum computing could deter institutional investors from increasing exposure to Bitcoin.

Ethereum (CRYPTO: ETH) creator Vitalik Buterin has called for the swift deployment of quantum-resistant technology for the network, stressing its importance for long-term cryptographic safety.

Jameson Lopp, Chief Security Officer at self-custody platform firm Casa, stated in December that upgrading Bitcoin, which involves migrating funds to a quantum-resistant version, could take up to a decade.

Price Action: Coinbase shares rose 0.09% in after-hours trading after closing 1.19% lower at $164.05 during Wednesday’s regular trading session, according to Benzinga Pro.

The COIN stock shows weak price performance across short-, medium-, and long-term horizons, earning an average Value score in Benzinga’s Edge Stock Rankings

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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