AmericanFortress says it has closed an $8 million U.S. funding round to help it develop quantum-resistant blockchain technologies.
The company is a Web3 wallet and transaction infrastructure firm designed to enhance security, privacy, and usability in cryptocurrency transfers.
AmericanFortress has also filed for a patent related to quantum-resistant cryptographic technology.
Management said in a news release that the quantum-resistant technology could protect crypto wallets across every major blockchain network.
Concerns have arisen in recent months about quantum computers and the threat they pose to cryptocurrencies such as Bitcoin (CRYPTO: $BTC).
Specifically, powerful quantum computers running Shor’s algorithm could derive a private key from a public key, potentially allowing an attacker to drain crypto wallets of tokens and funds.
“We’re adding a layer of security that protects every transaction against the quantum threat horizon,” said AmericanFortress CEO Michal Pospieszalski in a written statement.
The new $8 million U.S. in seed funding will support the production and deployment of AmericanFortress’ privacy infrastructure, said the company.
AmericanFortress is privately held and its stock doesn’t trade on a public exchange.
