Function (formerly Ignition) has officially closed a $10 million seed round, welcoming Galaxy Digital as a core contributor and investor, alongside Antalpha and Mantle. With over $1.5 billion in Total Value Locked (TVL), Function’s flagship asset, FBTC, is positioning Bitcoin for a new role one that goes beyond a passive store of value.
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A New Chapter: Bitcoin as a Yield-Generating Asset Bitcoin is evolving.
What was once seen purely as digital gold is now entering a new phase—one where it becomes a productive, composable asset in the global financial system. With rising interest in Bitcoin treasury strategies from governments like the U.S. and Pakistan, and public companies like Microstrategy and MetaPlanet adopting the Bitcoin Standard, the question has shifted from “Should Bitcoin evolve?” to “How do we unlock its full potential?”
“At Function, we’re not just wrapping Bitcoin—we’re building the infrastructure that allows it to flow into meaningful capital markets,” said Thomas Chen, CEO of Function. “FBTC is the first step—a secure, omnichain asset designed for institutions that want to put their Bitcoin to work without compromising its core properties.”
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Galaxy Joins Forces: Strengthening Institutional Foundations With Galaxy Digital now onboard, Function is backed by three major players: Galaxy, Mantle, and Antalpha. Together, they’re focused on: Liquidity: Developing deep, institutional-grade capital rails Security & Governance: Establishing risk frameworks and best-in-class governance via a multi-member Security Council Strategic Growth: Investing in infrastructure that will help Bitcoin move more freely and productively across both traditional and decentralized markets Function is taking Bitcoin to the next level—not just as something you hold, but something that can actually work for you,” said Jason Urban, Global Head of Trading at Galaxy. “We’re proud to be part of building the infrastructure that turns Bitcoin into a powerful, capital-efficient asset for institutions around the world. Why FBTC Matters FBTC isn’t just another wrapped Bitcoin product.
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It’s built for the demands of modern institutions, DeFi ecosystems, and forward-thinking treasuries. Already integrated with major protocols like Ethereum, Mantle, Aave, and Babylon, FBTC operates on three foundational pillars: Trust & Security: Built with institutional-grade safeguards, audits, and multi-layer security Yield & Liquidity: Transparent smart contracts power yield strategies while preserving 1:1 Bitcoin backing Omnichain Infrastructure: Interoperable across Ethereum, Arbitrum, Mantle, and more—enabling seamless composability and movement The Gateway to Productive Bitcoin Starts Now Function isn’t just building another financial tool—it’s creating a gateway for Bitcoin to unlock its next era. With support from industry titans and a clear institutional roadmap, FBTC is set to become the gold standard for those ready to turn dormant Bitcoin reserves into active capital.
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