AmericanFortress announced that it has completed an $8 million U.S. funding round to support the development of quantum-resistant blockchain technology.
The company is a Web3 wallet and trading infrastructure provider focused on enhancing the security, privacy, and usability of cryptocurrency transfers.
AmericanFortress has also applied for a patent related to quantum-resistant encryption technology.
The management stated in the press release that this quantum-resistant technology can protect cryptocurrency wallets on all major blockchain networks.
In recent months, there has been growing concern about quantum computers and the threat they pose to cryptocurrencies like Bitcoin (CRYPTO:$BTC).
Specifically, a powerful quantum computer running Shor's algorithm could derive the private key from the public key, potentially allowing attackers to steal tokens and funds from encrypted wallets.
Michal Pospieszalski, CEO of AmericanFortress, stated in a written statement: "We are adding an additional layer of security to protect every transaction from quantum threats."
The company stated that this new $8 million seed funding will be used to support the production and deployment of AmericanFortress's privacy infrastructure.
AmericanFortress is a privately held company whose shares are not traded on public exchanges.