Function Secures $10 Million in Seed Funding
The crypto infrastructure firm Function has announced that it successfully raised $10 million in a seed funding round led by Galaxy Digital, with contributions from Antalpha and Mantle. This funding is set to position Function, previously known as Ignition, in a pivotal role within the rapidly evolving space of institutional bitcoin utilization.
Function’s product, FBTC, facilitates institutions and corporate treasuries to effectively use bitcoin while retaining full custodial authority over their assets. As the largest yet underutilized digital asset, bitcoin presents significant opportunities for generating institutional yields, particularly in the evolving landscape of decentralized finance (DeFi).
Key Highlights:
- $10 million raised in seed funding.
- Galaxy Digital leads the investment round, supporting with expertise in liquidity management and risk frameworks.
- FBTC currently boasts a total value locked (TVL) of $1.5 billion, serving as a fully reserved and composable bitcoin representation.
“By 2026, treating bitcoin as a passive treasury asset may no longer be enough. The new standard will be actively earning yield,” said Thomas Chen, CEO of Function.
Translation: “Como en 2026, tratar el bitcoin como un activo pasivo del tesorería puede no ser suficiente. El nuevo estándar será ganar rendimiento activamente.”
This strategic move by Function aligns with broader trends in institutional adoption of bitcoin, highlighting a shift towards viewing it as not just a store of value, but also as a tool for yield generation.
