Function Completes $10 Million Seed Round, Led by Galaxy Digital

Odaily News Crypto infrastructure company Function announced the completion of a $10 million seed round of financing, led by Galaxy Digital, with participation from Antalpha and Mantle. Function (formerly Ignition) is committed to bringing institutional-grade returns to Bitcoin. Its flagship product FBTC is a fully-reserve, composable Bitcoin representation with a total locked-in value (TVL) of $1.5 billion.
Function said that FBTC can serve as an entry point for institutions and corporate treasuries to efficiently deploy Bitcoin while maintaining full custody control and 1:1 asset support. Galaxy will provide FBTC with liquidity, governance, and risk framework design support as an investor and core contributor. Function CEO Thomas Chen said, "By 2026, it will no longer be enough to view Bitcoin as a passive asset. The new standard will be to actively earn returns." (Coindesk)