Project Eleven Raises $20 Million for Quantum-Resistant Blockchain Security
Axios reports that Project Eleven’s $20M funding round, valuing the firm at $120M, continues its push to safeguard crypto from potential quantum threats after a $6M raise in June.
Summary
Project Eleven secured $20 million in funding at a $120 million valuation to advance quantum-resistant encryption for protecting cryptocurrencies and public blockchains. Axios notes this follows a $6 million round in June led by Variant Fund and Quantonation. The new capital will support development of cryptographic defenses against potential quantum computing attacks on decentralized systems.
Terms & Concepts
- Quantum-resistant cryptography: Encryption methods designed to withstand attacks from quantum computers, which can potentially break traditional cryptographic algorithms.
- Public blockchain: A decentralized ledger open to anyone for reading and writing transactions, typically operating without central authority.
- Crypto assets: Digital tokens or coins issued on a blockchain that represent value or ownership.