Crypto infrastructure firm Function raises $10 million in seed funding led by Galaxy Digital

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

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

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

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