Project Eleven has announced a $20 million Series A funding round to accelerate the development of post-quantum cryptographic (PQC) infrastructure for the digital asset industry. The round was led by Castle Island Ventures, with participation from Coinbase Ventures, Fin Capital, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet Ventures, Nascent Ventures, and Balaji Srinivasan. The investment follows a $6 million seed round in 2025 and values the company at $120 million. As part of the transaction, Nic Carter, founding partner at Castle Island Ventures, will join Project Eleven’s board of directors.

The startup’s mission is to secure trillions of dollars in blockchain-based assets from the eventual threat posed by cryptographically relevant quantum computers (CRQCs) running Shor’s algorithm. In its first 15 months, Project Eleven has deployed yellowpages, a production-grade registry that allows Bitcoin holders to generate post-quantum keys and link them to existing addresses without immediate on-chain transactions. The company has also successfully built and open-sourced the first post-quantum testnet for the Solana network, replacing standard EdDSA signatures with the NIST-standardized ML-DSA (Module-Lattice Digital Signature Algorithm). These technical milestones demonstrate that end-to-end quantum-resistant transactions are practical even for high-throughput, low-latency blockchain architectures.

Led by Alex Pruden (CEO) and Conor Deegan (VP of Engineering), Project Eleven is focusing on the “collective action problem” of migrating decentralized networks, which often take years to upgrade. Beyond hardening existing protocols, the company’s roadmap includes “future-building” new paradigms based on quantum mechanics, such as distributed entanglement, certified randomness, and quantum money. By providing readiness assessments, migration test environments, and deployment sequencing, Project Eleven aims to transition the crypto industry from its current reliance on elliptic curve cryptography (ECC) to a quantum-resilient financial foundation.

Read the official announcement from Project Eleven here and explore the Bitcoin Risq List here.

January 15, 2026

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