TechFlow, July 15 — According to CoinDesk, crypto infrastructure company Function has completed a $10 million seed funding round led by Galaxy Digital, with participation from Antalpha and Mantle.
Function's flagship product, FBTC, is a fully reserved and composable representation of Bitcoin, currently securing $1.5 billion in total value. The product enables institutional users to deploy Bitcoin into yield-generating scenarios while maintaining custody control and 1:1 asset backing.
Thomas Chen, CEO of Function, stated: "By 2026, treating Bitcoin as a passive treasury asset may no longer be sufficient. The new standard will be actively earning yield." With Galaxy Digital on board, Function gains a strong partner to expand FBTC's institutional reach. Galaxy’s involvement includes providing liquidity, governance and risk framework design, as well as strategic oversight.
