Function completed a $10 million seed round of financing, led by Galaxy Digital.

Odaily News Function, a cryptocurrency infrastructure company, announced the completion of a $10 million seed round of 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 having a total lock-up position (TVL) of $1.5 billion. Function indicates that FBTC can serve as an efficient entry point for institutions and enterprises to deploy Bitcoin while maintaining full custody 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, merely viewing Bitcoin as a passive asset will no longer be sufficient; the new standard will be to actively earn returns." (Coindesk)