Coinbase designs post-quantum safeguards for about $250 billion in institutional assets
Cryptography head Yehuda Lindell says Coinbase is designing post-quantum safeguards for about $250 billion in institutional assets across several possible signature schemes.
Why it matters
Coinbase says the work is intended to keep its institutional custody platform usable across several post-quantum signature choices rather than one candidate. Crypto.News reports that Bitcoin has not selected or activated such a standard; Lindell says Coinbase is preparing before a cryptographically relevant quantum computer threatens Bitcoin.
Where the sources disagree
Scope of the roughly $250 billion in Coinbase custody
Institutional assets held for BlackRock and other clients
Decrypt, CoinGape, Unchained
BlackRock's roughly $250 billion in crypto assets
Bitcoin Insider
Decrypt and CoinGape describe institutional assets held for BlackRock and other clients, while Bitcoin Insider's headline calls the full roughly $250 billion BlackRock's; Bitcoin Insider's body does not resolve the difference.
What Lindell flagged about multi-party computation
Some post-quantum schemes may be non-MPC-friendly or may not work with MPC
Decrypt, Unchained, Crypto.News
Hash-based signatures are incompatible with MPC
CoinGape
MPC setups may not hold up against future quantum attacks
Bitcoin Insider
Decrypt and Crypto.News say some post-quantum schemes may be unsuitable for MPC, and CoinGape calls hash-based signatures incompatible. Bitcoin Insider instead describes Lindell as warning that MPC may not withstand future quantum attacks.
Description of the programmable-HSM fallback
Post-quantum threshold decryption combined with programmable HSMs
Decrypt
Programmable HSMs assembling keys inside hardened data centres
CoinGape
Decrypt says the fallback combines post-quantum threshold decryption with programmable HSMs, while CoinGape says the HSMs assemble keys inside hardened data centres. The evidence does not show whether CoinGape describes an additional step or a different design.
Key facts
Coinbase is developing post-quantum custody safeguards that can support several possible signature schemes.
Reported by Decrypt
Coinbase says it safeguards roughly $250 billion in institutional assets for clients including BlackRock and others.
250,000,000,000 USDDisputed figureReported by Decrypt
Yehuda Lindell said Coinbase must prepare for different post-quantum signature choices across blockchains because one scheme is unlikely to be adopted everywhere.
Reported by Decrypt
Multi-party computation splits private-key control among parties, but some post-quantum schemes may not work with it; CoinGape specifically describes hash-based signatures as incompatible.
Disputed figureReported by Decrypt
Coinbase is exploring programmable hardware security modules as a fallback for post-quantum key protection.
Reported by Decrypt
Decrypt says the fallback combines post-quantum threshold decryption with programmable HSMs, while CoinGape says the HSMs assemble keys inside hardened data centres.
Disputed figureReported by Decrypt
Crypto.News reported that Bitcoin developers have not selected or activated a practical post-quantum signature standard.
Reported by Crypto.News
Lindell said Coinbase wants safeguards ready if a cryptographically relevant quantum computer eventually becomes an active threat to Bitcoin's security.
Reported by Decrypt
What happened
Decrypt reported that Coinbase is designing post-quantum custody safeguards for roughly $250 billion in institutional assets held for institutions including BlackRock. In a MARA Foundation TV interview reported by Decrypt, Lindell told host Isabel Foxen Duke that Coinbase needs to handle different post-quantum signature choices across blockchains because one scheme is unlikely to be adopted everywhere. Decrypt and Crypto.News said some post-quantum schemes may not work with the multi-party computation (MPC) systems that split private-key control among parties; CoinGape described hash-based signatures as incompatible with MPC. Decrypt said Coinbase is exploring a fallback that combines post-quantum threshold decryption with programmable hardware security modules (HSMs). CoinGape said the HSM fallback assembles keys inside hardened data centres, while Crypto.News described programmable HSMs as an alternative key-protection method. Crypto.News reported that Bitcoin developers have not selected or activated a practical post-quantum signature standard, while Decrypt reported Lindell saying Coinbase is preparing for a cryptographically relevant quantum computer eventually becoming an active threat to Bitcoin; he gave no date.
How the story developed
- First report
First report by Decrypt
Inside Coinbase’s $250 Billion Playbook for Post-Quantum Bitcoin Custody
- Update
Coinbase details multi-scheme post-quantum custody plan
Decrypt reported that Coinbase was developing post-quantum custody safeguards for multiple possible signature schemes and roughly $250 billion in institutional assets.
- Official statement
Lindell discusses readiness for a future quantum threat
On MARA Foundation TV, Coinbase cryptography head Yehuda Lindell said the company needed to prepare for different post-quantum signature choices across blockchains and for a possible future quantum threat.
- Independent corroboration
Independently corroborated by CoinGape
Coinbase Preps Post-Quantum Custody for $250B Held for BlackRock After Lindell Flags MPC Blind Spot
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 22 Sept 2026, 20:01 UTC: Decrypt — 1 independent source, 1 reports
- 23 Sept 2026, 08:30 UTC: CoinGape — 2 independent sources, 2 reports
- 23 Sept 2026, 20:30 UTC: Crypto.News — 3 independent sources, 4 reports
- 24 Sept 2026, 00:28 UTC: Bitcoin Insider — 4 independent sources, 5 reports
Affected entities
Also mentioned: Ethereum, Fidelity, XRP, ARK Invest, EigenLayer, El Salvador
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Decrypt Crypto media | Inside Coinbase’s $250 Billion Playbook for Post-Quantum Bitcoin Custody | Original | |
| Crypto.News Crypto media | Coinbase plans post-quantum Bitcoin custody for any scheme | Independent | |
| CoinGape Crypto media | Coinbase Preps Post-Quantum Custody for $250B Held for BlackRock After Lindell Flags MPC Blind Spot | Independent | |
| Unchained Crypto media | How Coinbase Plans to Secure $250 Billion in Assets in a Post-Quantum World | Syndicated | |
| Bitcoin Insider Aggregator | Coinbase Builds Post-Quantum Custody Shield for BlackRock’s $250B in Crypto Assets | Syndicated |
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