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About Project Eleven
Project Eleven works on post-quantum cryptography for digital assets, covering Bitcoin, Ethereum and XRP among others. It addresses a threat with an uncertain timeline but a clear direction: existing elliptic-curve signatures will break against a sufficiently powerful quantum computer, and migrating onchain assets requires tools and processes prepared in advance. The hard part is not the algorithm but coordinating scattered holders and custodians onto new signatures.
Its products include the Bitcoin Risq List, which scores addresses for quantum exposure, the PQ Registry, and the PQC Suite-B toolkit, which uses BLAKE3 to speed up verification of post-quantum signatures, alongside a Strongpoint custody offering and work with Ripple on the XRPL quantum roadmap. It contributed to Ripple's migration approach in April and acquired Riva Labs on September 29. Demand is paced entirely by quantum progress, which makes commercialization uncertain.
On October 31, 2024, Bitcoin White Paper Day, Alex Pruden and Conor Deegan founded Project Eleven to tackle the quantum threat to elliptic-curve signatures — public keys are already onchain, so a strong enough quantum computer could recover private keys.
In June 2025, Project Eleven raised a $6 million seed led by Variant and Quantonation, with Castle Island Ventures, Nebular and Formation participating.
Project Eleven shipped yellowpages, which generates post-quantum keys for Bitcoin wallets at scale and provides a migration path, alongside the Q-Day Prize and Q-Day Clock to quantify the timeline of the quantum threat.
In 2025, Project Eleven open-sourced the libqc and quantum-vault reference implementations and built the first post-quantum testnet for Solana, swapping EdDSA for ML-DSA; it also published the Bitcoin Risq List tracking quantum-vulnerable coins.
On January 14, 2026, Project Eleven closed a $20 million Series A led by Castle Island Ventures with Coinbase Ventures, Fin Capital and Variant participating, at a $120 million valuation and $26 million raised in total.
In 2026, Project Eleven worked with the Solana Foundation and Ripple's XRP Ledger on quantum audits and hybrid signature prototypes, published a 110-page report setting a baseline Q-Day of 2033, and acquired Riva Labs to strengthen deployment.
Project Eleven became the leader in post-quantum security migration for digital assets in 2026. On January 14 it closed a $20 million Series A led by Castle Island Ventures with Coinbase Ventures participating, valuing it at $120 million and bringing total funding to $26 million.
Project Eleven's products and progress: its Yellowpages lets Bitcoin holders generate post-quantum keys linked to existing addresses; it open-sourced the first post-quantum testnet for Solana, replacing EdDSA signatures with the NIST-standardized ML-DSA; and it runs the Bitcoin Risq List tracking quantum-vulnerable Bitcoin holdings. During the year it partnered with Ripple to conduct a full quantum risk assessment of the XRP Ledger's validator, custody, networking and wallet layers, deploy hybrid signatures and build a quantum-secure custody wallet prototype, while also working with the Solana Foundation on post-quantum readiness.
Project Eleven closed a $20 million Series A in January at a $120 million post-money valuation, taking total funding to about $26 million in 16 months, and backing from Castle Island and Coinbase Ventures turned quantum migration from an academic topic into an investable category. Revenue still comes mainly from protocol grants; the business model packages readiness assessments, migration test environments and deployment sequencing into standardised services sold to both networks and institutions, and the SAFE-with-token-warrant structure shows capital is betting the migration settles in tokens. The risk is timing: the threat window is placed around 2030, yet client budgets depend on migrations actually starting, so governance pace at Bitcoin and Solana is the real switch on its revenue curve.
Alex Pruden: co-founder and CEO. A West Point graduate with an MBA from Stanford Graduate School of Business, he served for years as a US Army special operations officer, moved into technology and investing after leaving the military, was CEO of Aleo and an investment partner, and joined in early 2025 to lead the company's commercialisation as the team's main external representative. Conor Deegan: co-founder and CTO. A cryptography and quantum computing specialist, he is responsible for the engineering of post-quantum signatures, libqc and quantum-vault and leads a research-driven engineering team. Leeor Mushin: co-founder, leading capital, ecosystem and external development. Finn Murphy: co-founder who started the project on 31 October 2024, leading the Q-Day Prize, the Q-Day Clock and quantum threat research. In 2026 the Riva Labs team was absorbed, expanding engineering capacity; research, engineering and external affairs run as separate lines, and the four co-founders form the core decision-making layer.