“As quantum capabilities advance, the stakes couldn’t be higher. We can’t afford to ignore this existential risk posed to the digital asset ecosystem,”
said Alex Pruden, CEO and Co-Founder of Project Eleven. The company has recently announced it successfully raised $20 million in a Series A funding round, led by Castle Island Ventures, with participation from notable investors including Coinbase Ventures, Fin Capital, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet Ventures, Nascent Ventures, and Balaji Srinivasan.
This funding comes at a crucial time as governments and industries prioritize post-quantum cryptography. The rise of quantum computing poses a potential threat to current encryption standards, particularly elliptic curve cryptography (ECC), which underpins the security of networks like Bitcoin. The digital asset ecosystem, valued at over $4 trillion, faces a significant challenge in transitioning to more secure methods.
Addressing Quantum Threats
Project Eleven aims to facilitate a structured migration for digital assets to protect against possible vulnerabilities introduced by quantum technologies. The company is developing essential tools for networks and institutions, including readiness assessments, migration test environments, and deployment sequencing.
Pruden emphasized the necessity of a proactive approach, stating that “trillions in value depend on these cryptographic assumptions.” He noted that networks such as Bitcoin require years to implement upgrades due to their cautious governance structures. Project Eleven’s focus is on enabling a practical transition, allowing the industry to move forward deliberately rather than reacting under pressure.
According to Nic Carter, General Partner at Castle Island Ventures, “Useful quantum computing is the biggest and most complex threat public blockchains have ever faced.” He highlighted that Project Eleven is creating a vital connection between theoretical research and practical applications in the industry.
Collaborations and Future Developments
To further its mission, Project Eleven is collaborating with the Solana Foundation and other leading protocols and Layer 1 ecosystems, engaging in post-quantum readiness planning and technical initiatives.
Previously, in June 2025, Project Eleven raised $6 million in seed funding, also led by Variant and Quantonation, with contributions from Castle Island Ventures, Nebular, and Formation. The upcoming product release, anticipated in early 2026, will introduce new capabilities designed to help institutions, protocols, and end users secure their cryptographic systems against future threats.
For additional inquiries, Alex Pruden and Nic Carter are available for interviews to discuss the implications of quantum computing on digital assets and the steps necessary to secure them.
Project Eleven is committed to building resilient infrastructure and tools for the post-quantum era, merging advanced cryptographic research with actionable strategies to safeguard the future of the digital asset landscape. For more information, visit www.projecteleven.com.
