Backed by Galaxy Digital, Antalpha, and Mantle, FBTC Reaches $1.5B in TVL—Establishing the Gateway for Institutional Bitcoin Productivity.
Function (formerly Ignition) announced that Galaxy Digital has joined as a core contributor and investor in its $10M seed round alongside Antalpha and Mantle. With strategic support from Galaxy, Mantle, and Antalpha , Function is transforming Bitcoin from a passive store of value into a productive, composable financial asset that can flow seamlessly across decentralized and traditional markets.
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FBTC—a fully reserved Bitcoin asset with over $1.5B in Total Value Locked—serves as the flagship asset, establishing Function as the definitive gateway for corporate treasuries and institutions seeking to deploy Bitcoin productively while maintaining security and sovereignty.
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Activating Bitcoin as a Yield Generating Asset
Bitcoin’s financial utility has reached a critical inflection point. With growing attention on strategic crypto reserves with the United States and Pakistan, and regulatory clarity enabling publicly traded companies like Microstrategy and MetaPlanet to adopt the Bitcoin Standard for corporate treasury, the question is no longer whether Bitcoin should evolve beyond a passive store of value, but how to unlock its productive potential at institutional scale. The Bitcoin Growth story needs to have utility in its next phase.
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“At Function, we’re not just wrapping Bitcoin—we’re building the infrastructure and routing it into productive capital flows,” said Thomas Chen, CEO of Function. “We’re establishing the gateway for institutional Bitcoin yield, starting with FBTC as our standardized omnichain asset. This represents a structural shift in how Bitcoin participates in the global financial system, enabling corporate treasuries to optimize their Bitcoin holdings while preserving the asset’s core properties.”
Galaxy Strengthens Institutional Foundation
Galaxy joins Mantle and Antalpha as core contributors to FBTC, enhancing the institutional infrastructure through:
- Enhanced Liquidity: Supporting the development of institutional-quality liquidity rails for seamless capital deployment
- Security Council Leadership: Contributing to governance, risk framework development, and security standards
- Strategic Investment: Accelerating the development of FBTC’s standard infrastructure for Bitcoin’s integration into global financial markets
“Galaxy’s partnership validates our vision of Function as the gateway for Bitcoin productivity,” said Chen. “Their institutional expertise strengthens our mission to build the standard infrastructure that enables Bitcoin to flow freely across global financial markets.”Jason Urban, Global Head of Trading at Galaxy, added: “I believe Function represents the next evolution in Bitcoin’s journey toward becoming a productive financial asset. We’re excited to contribute to the infrastructure that Function is building to establish Bitcoin as a capital-efficient reserve asset for global markets.”
Building on a Foundation of Trust and Security
FBTC is a fully reserved, 1:1 Bitcoin-backed asset already integrated with over 8 major protocols and over 25 leading dApps, including Ethereum, Mantle, Aave, and Babylon. Purpose-built to meet the needs of institutions, DeFi protocols, and sophisticated participants, the platform is anchored by three foundational pillars:
- Institutional Trust & Security: Multi-layer security architecture, comprehensive risk management, and rigorous audit standards designed for institutional adoption
- Sustainable Yield & Liquidity: Smart contract architecture that maintains Bitcoin’s 1:1 backing alongside transparent yield strategies and liquidity provisioning
- Omnichain & Composable Infrastructure: Seamless integration with major blockchain ecosystems including Ethereum, Arbitrum, Mantle—and emerging institutional DeFi networks
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Source: prnewswire