Function (formerly Ignition) is building infrastructure that turns Bitcoin from a passive store of value into a productive, composable financial asset for institutional and DeFi use. Its flagship product, FBTC, is a 1:1 Bitcoin-backed token that already holds more than $1.5 billion in total value locked and is integrated with over eight major protocols and 25 decentralized applications, including Ethereum, Arbitrum, Mantle, Aave, and Babylon. The platform emphasizes three pillars: institutional-grade trust and security, sustainable yield and liquidity, and omnichain composability. By partnering with leading market participants, Function offers corporate treasuries standardized access to Bitcoin yield strategies while preserving custody and compliance. Strategic contributors Galaxy Digital, Mantle, and Antalpha bolster liquidity rails, governance, and risk management. With the new capital, Function plans to deepen FBTC’s integration across traditional and decentralized markets and to expand its security council and liquidity infrastructure.

Total raised

$10M

Funding rounds

1

Latest round

Seed

Latest activity

Jul 2025