Function Raises $10M to Bring Yield to Bitcoin (BTC), Backed by Galaxy Digital, Antalpha, and Mantle

Crypto infrastructure agency Function has closed a $10 million seed spherical led by Galaxy Digital (GLXY), with participation from Antalpha (ANTA) and Mantle, the corporate stated in a press launch on Tuesday.

The spherical positions Function, previously often called Ignition, on the forefront of a rising effort to unlock institutional yield alternatives from bitcoin

, which stays the most important but least-utilized digital asset in decentralized finance (DeFi).

Function’s flagship product, FBTC, a totally reserved and composable bitcoin illustration, has already amassed $1.5 billion in whole worth locked (TVL), the corporate stated.

Function is positioning FBTC because the gateway for establishments and company treasuries to productively deploy bitcoin whereas sustaining full custodial management and 1:1 asset backing.

The agency is coming into the market as momentum builds across the institutional adoption of bitcoin, not simply as a retailer of worth, however as a yield-generating instrument.

With Mike Novogratz’s Galaxy becoming a member of as each an investor and core contributor, Function features a heavyweight accomplice in scaling FBTC’s institutional attain. Galaxy’s involvement consists of liquidity provisioning, governance and threat framework design, and strategic oversight.

“By 2026, treating bitcoin as a passive treasury asset may no longer be enough. The new standard will be actively earning yield” stated Thomas Chen, CEO of Function, in emailed feedback.

“We’re evolving from wrapped assets to functional infrastructure that’s programmable and institutional-grade to transform bitcoin into a productive asset class. Sophisticated allocators will demand their bitcoin work as hard as their cash. Those slow to adapt will underperform; forward-looking firms will win the next era of bitcoin yield.” Chen added.

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