Project Eleven acquires Riva Labs to bolster post-quantum wallet security
Quantum security startup Project Eleven has acquired Riva Labs, incorporating the cryptography engineering team and its post-quantum wallet and signing technology.
Quantum security startup Project Eleven has acquired Riva Labs, a cryptography engineering team developing post-quantum wallets and signing tools, according to a company statement shared with Unchained on Tuesday. Project Eleven did not disclose the purchase price or additional deal terms, but confirmed the transaction includes Riva's team, technology, and intellectual property. The acquired assets will be integrated into Project Eleven's research and product development across digital asset custody, blockchain security, and post-quantum cryptography.[1][3]
Riva Labs specializes in hash-based signatures, a family of cryptographic schemes designed to resist quantum attacks, and has implemented this work across software wallets, hardware signers, account abstraction, and multi-party computation setups on Ethereum and other public networks. Project Eleven noted that Riva recently demonstrated post-quantum signing on consumer hardware. Alex Pruden, CEO and co-founder of Project Eleven, said the acquisition accelerates the company's ability to lead the transition to post-quantum security across digital assets by addressing signatures, key management, wallets, and protocol infrastructure collectively.[1][2]
The acquisition builds on Project Eleven's earlier momentum after raising a $20 million Series A round in January. The company has collaborated with the Solana Foundation to process quantum-resistant transactions on a test network, and is currently working with Ripple on validator testing and early custody prototypes to prepare the XRP Ledger for quantum resistance.[1]
Key facts
- Project Eleven acquired cryptography engineering startup Riva Labs along with its intellectual property and team.
- The financial terms and purchase price of the acquisition were not disclosed.
- Riva Labs focuses on hash-based signatures and recently demonstrated post-quantum signing on consumer hardware.
- Riva has applied its post-quantum research to software wallets, hardware signers, multi-party computation setups on Ethereum and other chains, and account abstraction.
- Project Eleven raised $20 million in a Series A funding round in January.
- Project Eleven has tested quantum-resistant transactions with the Solana Foundation and is collaborating with Ripple on validator testing and custody prototypes for the XRP Ledger.
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UnchainedArticle ·
Quantum Security Startup Project Eleven Acquires Riva Labs, Adding Post-Quantum Wallet Tech Project Eleven , a startup preparing crypto networks for the arrival of powerful quantum computers, has acquired Riva Labs , a cryptography engineering team that builds post-quantum wallets and signing tools, the company said in a statement shared with Unchained on Tuesday. The companies did not disclose the price or other terms. Riva’s team and technology will join Project Eleven’s research and product work on digital asset custody, blockchain security and post-quantum cryptography, according to the statement. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . What Riva Brings Riva Labs has concentrated on hash-based signatures , one family of signature schemes designed to withstand attacks from quantum machines. It has applied that research to software wallets, hardware signers and multi-party computation ( MPC ) setups on Ethereum and other public chains, and has also worked on account abstraction. Project Eleven said Riva recently demonstrated post-quantum signing on consumer hardware, and that the deal includes the intellectual property Riva built along the way. “Riva Labs is exactly the kind of talent we want at Project Eleven: deeply technical and focused on turning cryptographic research into systems that can actually be deployed,” said Alex Pruden , Project Eleven’s CEO and co-founder, in the statement. He added that the acquisition “accelerates our ability to lead the transition to post-quantum security across digital assets.” Project Eleven pitched the purchase as a way to handle the migration as a single problem, instead of tackling signatures, wallets, key management and protocol infrastructure one at a time. The company also said AI is speeding up both cryptographic research and cryptanalysis, the study of how to defeat cryptographic systems, and that AI is central to how Riva does its own research and engineering. Matteo Vena , a co-founder of Riva Labs, said the two teams “came at this problem from different directions and reached many of the same conclusions about what the industry needs.” “Upgrading the public networks the future will run on, without compromising the properties that make them valuable in the first place, is a monumental challenge,” Vena said in the statement. Project Eleven’s Track Record Most blockchains, including Bitcoin and Ethereum, secure wallets with signature schemes that a large enough quantum computer could in theory break, which is why developers are weighing upgrades to quantum-resistant alternatives. Pruden has told Unchained he believes moving to post-quantum cryptography would be a larger upgrade than anything blockchains have gone through before. Project Eleven raised $20 million in a Series A round in January. It has worked with the Solana Foundation to run quantum-resistant transactions on a test network, and Ripple is working with the firm on validator testing and early custody prototypes as it works to make the XRP Ledger quantum-resistant. Related Listen: One Type of Post-Quantum Cryptography Is Most Popular. Why Is Crypto Trying Out Three? The post Quantum Security Startup Project Eleven Acquires Riva Labs, Adding Post-Quantum Wallet Tech appeared first on Unchained .
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Laura Shin@laurashinPost on X ·
"Riva Labs is exactly the kind of talent we want at Project Eleven," CEO Alex Pruden said of the deal, which brings Riva's post-quantum wallet and signing technology in-house. https://t.co/RxBMO5WL95
Open source - CB
Crypto BriefingArticle ·
Project Eleven acquires Riva Labs to enhance post-quantum security for digital assets The acquisition could accelerate the adoption of quantum-resistant technologies, enhancing blockchain security and influencing industry standards. The post Project Eleven acquires Riva Labs to enhance post-quantum security for digital assets appeared first on Crypto Briefing .
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