Crypto infrastructure firm Function, previously known as Ignition, has secured $10 million in a seed funding round to scale its Bitcoin product FBTC amid rising demand.
Funding Acquisition
Function successfully raised $10 million in a funding round led by Galaxy Digital, with participation from Antalpha and Mantle. The funds are aimed at further developing and scaling FBTC.
FBTC Product and Its Capabilities
FBTC is a fully reserved, composable representation of Bitcoin, allowing institutions and corporate treasuries to use Bitcoin productively while maintaining full custodial control. FBTC has accumulated $1.5 billion in total value locked.
Trends in the Bitcoin Industry
These developments occur amid a trend where Bitcoin is evolving from a passive asset to an income-generating one. Babylon Genesis is creating Bitcoin staking solutions, and GOAT Network has launched its Bitcoin Yield Dashboard. According to Function CEO Thomas Chen, by 2026, 'treating Bitcoin as a passive treasury asset may no longer be enough.'
Through this funding and the launch of the FBTC product, Function strengthens its presence in the Bitcoin market, which is rapidly shifting towards active income generation.
