A report by the independent advisory board of cryptocurrency platform, Coinbase, has warned that a future "fault-tolerant quantum computer" capable of breaking encryption is increasingly plausible. The 50-page paper, which includes prominent cryptographers and academics, warns that preparation must begin now. It also notes that current quantum machines are not powerful enough to break the cryptography underpinning Bitcoin, Ethereum, and other networks. The National Institute of Standards and Technology (NIST) has recommended migrating to quantum-resistant cryptography by 2035, a timeline the report suggests may be optimistic. However, the report warns that transition across blockchains, wallets and exchanges could take years to execute safely. The report also outlines multiple transition strategies, including hybrid systems that combine existing cryptography with post-quantum updates or allow a gradual switch.