Function completed a $10 million seed round, led by Galaxy Digital

According to Foresight News, according to CoinDesk, crypto infrastructure company Function announced a $10 million seed round led by Galaxy Digital, with Antalpha and Mantle participating. Function (formerly Ignition) is committed to introducing institutional-level income for Bitcoin. Its main product, FBTC, is a fully reserved, combinable Bitcoin representation, with a total locked position (TVL) of $1.5 billion.

Function says FBTC can serve as an entrance to efficiently deploy Bitcoin in institutions and enterprise treasuries while maintaining full custody control with 1:1 asset support. Galaxy will serve as an investor and core contributor to support FBTC in liquidity, governance and risk framework design. "By 2026, it will no longer be enough to regard Bitcoin as a passive asset, and the new standard will be to actively earn income," said Function CEO Thomas Chen.

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