Crypto infrastructure company Function completes $10 million seed round financing, led by Galaxy Digital

According to CoinDesk, cryptocurrency infrastructure company Function (formerly Ignition) has completed a $10 million seed round financing, led by Galaxy Digital with participation from Antalpha and Mantle. Galaxy Digital will also participate in core businesses such as liquidity provision and governance framework design for FBTC, in addition to investing. The company is committed to developing institutional level revenue solutions for Bitcoin. The core product of Function, FBTC, is a fully backed, composable Bitcoin derivative asset with a total locked value (TVL) of $1.5 billion. This product allows institutional users to allocate Bitcoin to profit scenarios while maintaining custody control and 1:1 asset endorsement.