Project Eleven has raised $20 million in funding at a $120 million valuation, aiming to address the threat of quantum computing to cryptocurrency

BlockBeats News, January 14th, according to Axios, cryptocurrency startup Project Eleven, dedicated to protecting cryptocurrency from quantum computing threats, has completed a $20 million funding round, valuing the company at $1.2 billion. Quantum computing technology has the potential to break the underlying cryptographic mechanisms that support cryptocurrency security, which has long been a concern in the cryptocurrency industry. Project Eleven focuses on addressing this issue by developing solutions to resist quantum computing attacks to secure blockchain networks and digital assets.

In June last year, Project Eleven completed a $6 million funding round led by Variant Fund and quantum technology venture capital firm Quantonation.