Function (formerly Ignition) has announced that Galaxy Digital has joined its $10 million seed round as a core contributor and investor, along with Antalpha and Mantle. The aim is to transform Bitcoin from a passive store of value into a productive financial asset that can move seamlessly between decentralized and traditional markets.
Function’s flagship asset, FBTC, is a 1:1 Bitcoin-backed asset with over $1.5 billion in Total Value Locked. It serves as a gateway for corporate treasuries and institutions looking to use Bitcoin productively while ensuring security.
Bitcoin’s financial utility is evolving, with increasing focus on strategic crypto reserves in the U.S. and Pakistan. Publicly traded companies, like Microstrategy and MetaPlanet, are adopting the Bitcoin Standard, prompting discussions on how to unlock Bitcoin’s productive potential at an institutional scale.
Galaxy Digital enhances FBTC’s institutional infrastructure in several key areas:
— Enhanced Liquidity – Developing institutional-grade liquidity for better capital deployment.
— Security Council Leadership – Contributing to governance and risk standards.
— Strategic Investment – Supporting the infrastructure for Bitcoin’s integration into global financial markets.
FBTC is integrated with over eight major protocols and 25 leading dApps, designed to meet the needs of institutions and sophisticated participants. Its foundational pillars include:
— Trust & Security – A robust security architecture and comprehensive risk management.
— Yield & Liquidity – Smart contract architecture with 1:1 backing and transparent yield strategies.
— Composable Infrastructure – Integration with major blockchain ecosystems and emerging institutional DeFi networks.
KEY QUOTES:
“At Function, we’re not just wrapping Bitcoin—we’re building the infrastructure and routing it into productive capital flows. 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’s partnership validates our vision of Function as the gateway for Bitcoin productivity. Their institutional expertise strengthens our mission to build the standard infrastructure that enables Bitcoin to flow freely across global financial markets.”
Thomas Chen, CEO of Function
“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.”
Jason Urban, Global Head of Trading at Galaxy
