Cryptocurrency infrastructure company Function completes $10 million seed round financing, led by Galaxy Digital

ChainCatcher news, according to CoinDesk, crypto infrastructure company Function announced the completion of a $10 million seed round financing, led by Galaxy Digital, with participation from Antalpha and Mantle.

Function (formerly known as Ignition) is dedicated to bringing institutional-grade yield to Bitcoin, with its flagship product FBTC being a fully reserved, composable representation of Bitcoin, currently boasting a total locked value (TVL) of $1.5 billion.

Function stated that FBTC serves as an efficient entry point for institutions and corporate treasuries to deploy Bitcoin while maintaining full custodial control and 1:1 asset backing. Galaxy will act as an investor and core contributor, providing support for liquidity, governance, and risk framework design for FBTC.

Function CEO Thomas Chen stated, "By 2026, it will no longer be sufficient to view Bitcoin merely as a passive asset; the new standard will be actively earning yield."