Function (formerly Ignition) announced that Galaxy Digital has joined as a core contributor to ƒBTC (FBTC) and will participate as “an investor in Function’s seed funding round.”
This partnership enhances Function’s foundation alongside existing contributors Mantle and Antalpha Prime, solidifying its “position as a standard infrastructure for Bitcoin’s integration into global financial markets. ”
ƒBTC, developed by Function, reportedly transforms Bitcoin from “a static store of value into a capital-efficient, hyperliquid financial primitive that seamlessly integrates across markets. ”
Through the mathematical precision of ƒ(BTC) = Liquidity + Composability + Capital Efficiency, ƒBTC enables Bitcoin to “power lending markets, yield generation, and structured products.”
Securing over $1.3 billion (13,000 BTC) in Total Value Locked and integrated with more than 25 protocols “including Mantle, Babylon, and Solv Protocol, ƒBTC demonstrates its role as an emerging standard for Bitcoin’s financial utility.”
Galaxy’s strategic involvement adds institutional expertise and strengthens ƒBTC’s institutional infrastructure through:
- Liquidity: Supporting the development of institutional-quality liquidity rails for seamless capital deployment.
- Security Council Leadership: Contributing to governance, risk framework development, and security standards as a core member of ƒBTC’s security council.
- Strategic Investment: Accelerating the development of ƒBTC’s standard infrastructure for Bitcoin’s integration into global financial markets
Function claims it is setting the standard for Bitcoin’s financial future, “ensuring BTC can be deployed efficiently across lending markets, structured products, and yield-generating strategies.”
With contributions from Galaxy, Mantle, and Antalpha Prime, Function is building the “foundational infrastructure for Bitcoin’s role in global capital markets through ƒBTC.”
Function is building the standard infrastructure “that transforms Bitcoin into a capital-efficient, hyperliquid, and composable asset through ƒBTC (FBTC).”
By enabling Bitcoin to flow freely across financial markets, Function is positioning BTC as “the reserve asset for both traditional and decentralized finance. ƒBTC is powered by core contributors Antalpha Prime, Mantle, and Galaxy Digital.”
Galaxy is a digital asset and blockchain firm “providing access to the growing digital economy.”
They serve a diversified client base, including “institutions, startups, and qualified individuals.”
Since 2018, Galaxy has been building “a holistic financial platform spanning three complementary operating businesses: Global Markets, Asset Management, and Digital Infrastructure Solutions.”
Their offerings reportedly include “trading, lending, strategic advisory services, investment solutions, proprietary bitcoin mining and hosting services, network validator services, and the development of enterprise custodial technology.”
The company is headquartered in New York City, with “global offices across North America, Europe, and Asia.”