NFT Demon Holdings LLC has released its State of Exchange Quantum-Readiness 2026 survey, examining 26 major cryptocurrency exchanges for publicly available evidence of preparations for the potential impact of quantum computing on cryptographic security.
According to the survey, 22 of the 26 exchanges reviewed—including Binance, OKX, Bybit, Kraken, Gemini and Crypto.com—had no qualifying public evidence across the six criteria used in the assessment.
The survey evaluated exchanges based on whether they had publicly documented a migration plan, identified specific post-quantum cryptographic algorithms, established a dated migration timeline, completed a cryptographic key inventory, deployed or tested post-quantum cryptography, and obtained executive-level commitment to quantum-readiness efforts.
The six assessment criteria were:
- A published quantum-migration plan
- Named post-quantum algorithms, including ML-KEM (FIPS 203), ML-DSA (FIPS 204) or SLH-DSA (FIPS 205)
- A dated migration timeline
- A cryptographic key inventory
- Deployment or testing of post-quantum cryptography
- Executive acknowledgment and commitment to action
NFT Demon Holdings said Coinbase and KuCoin recorded the highest observed scores at 4 out of 6 among the exchanges examined.
The survey attributed Coinbase’s score to initiatives including its PQ-CoreKMS key-management development and a company-wide cryptography inventory. For KuCoin, the report cited what it describes as a live post-quantum cryptography testing gateway.
Bithumb scored 3 out of 6, with the survey pointing to a full-lifecycle quantum-security framework developed in partnership with Aton. BitMEX received 1 out of 6, based on its participation in discussions around quantum-related risks to the Bitcoin protocol, including its proposed “Quantum Canary.”
Jeremy Ryan, founder of NFT Demon Holdings and an advisor to quantum-security companies QSAVE and QKey, said the cryptocurrency industry needs to move beyond awareness toward practical preparations.
“The standards have been final for two years, the harvesting of exposed keys has already started, and regulators have begun naming names,” Ryan said. “Twenty-two of twenty-six exchanges have no public plan.”
Ryan also argued that exchanges receiving partial scores still have room to advance their preparations, saying technologies needed to achieve all six criteria are already available.
NFT Demon Holdings said it has developed its own quantum-readiness approach based on the requirements identified in the survey. Ryan described the company’s model as designed to provide quantum protection without requiring a separate blockchain or per-transaction fees.
He also said the company offers an insurance component alongside its security approach, arguing that cryptocurrency companies responsible for safeguarding large amounts of customer assets should begin treating quantum-related risks as an immediate security consideration.
The survey represents NFT Demon Holdings’ assessment based on publicly available evidence and its defined criteria. The findings therefore reflect the information the company identified and evaluated rather than an independent audit of the exchanges’ internal security programs.
