The cryptocurrency company Function, formerly known as Ignition, has successfully completed a seed funding round, raising $10 million in investments to build Bitcoin-based infrastructure.
This is reported by Business • Media
Key Investors and Company Product
The main investor in this round was Galaxy Digital, with participation from Antalpha and Mantle. Function’s primary product is FBTC — a collateralized token based on Bitcoin that enables the use of this asset in DeFi protocols. This allows institutional investors and corporate treasuries to earn profits from Bitcoin without losing custodial control and with asset backing at a 1:1 ratio.
Potential of FBTC and Market Valuation
As of July 2025, the total value of assets locked in FBTC exceeded $1.5 billion. Representatives of Function present this token as a solution for efficient Bitcoin management within DeFi, enabling additional revenue generation for major market players. According to Function’s CEO Thomas Chen, the active use of Bitcoin for profit will become the new standard in the crypto industry.
Function presents FBTC as a solution that allows institutional investors and corporate treasuries to earn profits from Bitcoin while maintaining full custodial control and asset backing at a 1:1 ratio.
It is worth noting that from July 5 to July 12, 2025, eleven crypto projects raised over $109 million in investments, demonstrating a strong interest in innovations in the digital asset space.