PANews reported on July 15 that according to CoinDesk, the crypto infrastructure company Function (formerly Ignition) completed a $10 million seed round of financing, led by Galaxy Digital, with participation from Antalpha and Mantle. In addition to investment, Galaxy Digital will also participate in FBTC's core businesses such as liquidity provision and governance framework design.

The company is committed to developing institutional-grade yield solutions for Bitcoin. Function's core product FBTC is a fully-reserved, composable Bitcoin derivative asset with a current total locked value (TVL) of $1.5 billion. The product allows institutional users to configure Bitcoin to yield scenarios while maintaining custody control and 1:1 asset endorsement.