Bitcoin’s Quantum Defense: Project Eleven Secures $6M to Future-Proof the Cryptocurrency

In a significant move to protect Bitcoin from the emerging threat of quantum computing, Project Eleven has successfully raised $6 million in funding. The investment round was co-led by Variant Fund and Quantonation, with additional participation from Castle Island Ventures, Nebular, and Formation. This funding underscores the growing recognition of the urgent need to address quantum vulnerabilities in blockchain systems. Alex Pruden, CEO of Project Eleven, emphasized the immediacy of the quantum threat, stating that it is no longer a theoretical concern but an imminent challenge. The capital will be used to develop solutions aimed at safeguarding Bitcoin and other cryptocurrencies from potential quantum attacks, ensuring their long-term security and viability in an increasingly advanced technological landscape.

Project Eleven Raises $6M to Defend Bitcoin From Quantum Threat

Project Eleven has secured $6 million in funding to safeguard bitcoin from the looming threat of quantum computing. The round was co-led by Variant Fund and Quantonation, with participation from Castle Island Ventures, Nebular, and Formation.

"As quantum computing capabilities advance, the threat to systems like Bitcoin is no longer theoretical—it's imminent," said Alex Pruden, CEO of Project Eleven. The funding will enable the development of tools and standards to ensure digital assets remain secure in a post-quantum world.

Earlier this year, Project Eleven launched the Q-Day Prize, offering 1 BTC to the first team capable of breaking Bitcoin's elliptic curve cryptography using a quantum computer. The firm also introduced Yellowpages, a post-quantum cryptographic registry for generating hybrid key pairs and linking them to existing BTC addresses.

Kraken Launches Bitcoin Staking via Babylon as BTC DeFi Gains Momentum

Kraken has integrated with Babylon to offer Bitcoin staking, marking a significant expansion of BTC's utility beyond its traditional roles as a store of value and medium of exchange. The service enables users to stake BTC directly through custodial vaults, with rewards paid in BABY tokens from Babylon Genesis, a Bitcoin-secured LAYER 1 protocol.

Bitcoin's foray into decentralized finance represents an emerging third use case for the cryptocurrency. Binance Research notes that less than 1% of BTC's total supply currently participates in DeFi, suggesting substantial growth potential. Both Kraken and competitor Binance are now capitalizing on this opportunity through Babylon-powered staking solutions.

The development signals Bitcoin's evolution into a broader DeFi ecosystem. Babylon's protocol allows BTC to secure proof-of-stake networks without leaving its native blockchain, combining Bitcoin's security with the flexibility of PoS systems.

Bitcoin Scarcity Intensifies as Dormant Supply Outpaces New Coin Creation

Bitcoin's supply dynamics have reached a historic inflection point. For the first time since April 2024's halving event, the daily number of BTC becoming dormant (566 coins) now exceeds newly minted supply (450 coins). This silent accumulation of inactive coins—3.4 million BTC untouched for over a decade—represents 17% of total supply.

The accelerating scarcity comes as institutional participation grows, creating compounding upward pressure on prices. Fidelity Digital Assets' June 18 data reveals this supply shock isn't theoretical—it's actively reshaping market fundamentals. Whether held with diamond-handed conviction or lost forever, these immobilized coins effectively reduce liquid supply.

XBTO and Arab Bank Switzerland Launch Bitcoin Yield Product for High-Net-Worth Clients

Arab Bank Switzerland has partnered with XBTO to introduce a Bitcoin yield product tailored for wealthy clients seeking to generate returns on idle BTC holdings. The offering integrates XBTO's institutional-grade "Diamond Hands" strategy, an options-based approach designed to accumulate Bitcoin during market downturns while producing yield.

Romain Braud, Head of Digital Assets at Arab Bank Switzerland, emphasized the product's alignment with private banking standards, noting growing demand for regulated yield solutions. The collaboration marks a milestone as one of the first traditional Swiss private banks to offer such a service directly to clients.

Bitcoin (BTC) Price Surge Awaits: Why Lift-Off Is Imminent

Bitcoin's recent consolidation above $100,000 signals strength rather than stagnation. The cryptocurrency has been trading sideways for a month after reaching an all-time high of $112,000, forming a wedge pattern that typically precedes significant breakouts.

Technical indicators suggest bullish momentum may resume shortly. The 4-hour Stochastic RSI is turning upward from oversold territory, while the daily chart shows price respecting the critical 0.618 Fibonacci level at $104,300. A bounce from this level could trigger the next leg up.

Market structure remains favorable despite the pause. The current range-bound action represents healthy consolidation in a bull market, with each period of accumulation historically leading to higher price trajectories. Even a breakdown wouldn't necessarily derail the uptrend, potentially offering better entry points.

Ohio House Passes Crypto Tax Exemption Bill to Boost Adoption

Ohio's House of Representatives has approved legislation that could accelerate cryptocurrency adoption by creating a $200 tax-free threshold for transactions. The bipartisan bill, passed 70-26, specifically targets Bitcoin usage as a medium of exchange while protecting mining and staking operations from regulatory overreach.

The proposed Ohio Blockchain Basics Act exempts capital gains reporting for crypto transactions under $200, a move championed by Republican Representative Steve Demetriou. This provision directly incentivizes using digital assets for everyday purchases rather than just speculative investments.

Following its unanimous approval in the House Technology Committee, the bill now moves to the Senate. If enacted, Ohio WOULD join a growing number of states creating crypto-friendly regulatory frameworks. The vote comes amid parallel federal crypto legislation, signaling mounting political acceptance of digital assets.