- Function secures a $10 million seed round investment, with Galaxy Digital (GLXY, Financial) as a key contributor.
- Function's flagship product, FBTC, has reached $1.5 billion in Total Value Locked (TVL).
- FBTC integrates with over 8 major protocols and 25 leading decentralized applications (dApps).
The financial landscape is witnessing a transformative shift as Function announces the successful closure of a $10 million seed round. Leading the investment is Galaxy Digital (GLXY), joining forces with Antalpha and Mantle to propel Bitcoin's evolution from a static reserve into a dynamic financial asset.
Function's standout offering, FBTC, has already achieved an impressive $1.5 billion in Total Value Locked (TVL), highlighting significant market validation. This product allows for institutional Bitcoin yield generation, maintaining a full 1:1 Bitcoin backing while seamlessly integrating across major decentralized finance (DeFi) protocols, including Ethereum, Arbitrum, and Mantle.
The strategic partnership with Galaxy Digital significantly enhances institutional credibility and positions Function at the forefront of the Bitcoin yield infrastructure. This collaboration underscores Galaxy Digital's commitment to advancing Bitcoin's role in global financial markets beyond mere custody and trading.
Furthermore, Function's platform prioritizes institutional trust, sustainable yield generation, and omnichain compatibility, offering a robust infrastructure that integrates with over 8 protocols and 25 leading dApps. This setup ensures that Bitcoin can flow across decentralized and traditional markets, maintaining its core security and sovereignty attributes.
As Galaxy Digital furthers its strategic investment into this emerging sector, the potential for new revenue streams through liquidity provision and trading opportunities becomes evident. This move not only positions Galaxy Digital as a leader in the Bitcoin productivity space but also paves the way for Bitcoin's integration into traditional financial systems.
