A new report commissioned by Coinbase sounds a cautious, but urgent, alarm: Quantum computing won’t break crypto tomorrow, but the industry can’t afford to wait.

The 50-page paper, authored by an independent advisory board that includes prominent cryptographers and academics like Dan Boneh of Stanford University, Justin Drake of the Ethereum Foundation and Sreeram Kannan of Eigen Labs, concludes that while today’s blockchains remain secure, a future “fault-tolerant quantum computer” capable of breaking widely used encryption is increasingly plausible, and preparation must begin now.

In recent months, concerns around quantum risk have moved further into the mainstream. Google researchers have published estimates suggesting that a…