ChainCatcher reports that, according to CoinDesk, crypto infrastructure company Function has completed a $10 million seed round funding, led by Galaxy Digital, with Antalpha and Mantle participating.
Function (formerly Ignition) is dedicated to introducing institutional-level yields for Bitcoin, and its flagship product FBTC is a fully reserved, composable Bitcoin representation, with a total locked value (TVL) of $1.5 billion.
Function states that FBTC can serve as an entry point for institutions and enterprises to efficiently deploy Bitcoin while maintaining full custodial control and 1:1 asset backing. Galaxy will act as an investor and core contributor, providing support for FBTC's liquidity, governance, and risk framework design.
Function CEO Thomas Chen said, "By 2026, viewing Bitcoin merely as a passive asset will no longer be sufficient, and the new standard will be actively earning yields."
