Function (formerly Ignition) today announced that Galaxy 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 institutional 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, 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. Already securing over $1.3 billion (13,000 BTC) in Total Value Locked and integrated with more than 25 leading 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:
- Enhanced 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
“Galaxy’s partnership validates our vision of Bitcoin as the reserve asset for decentralized finance,” said Thomas Chen, CEO at Function. “Their institutional expertise strengthens our mission to build the standard infrastructure that enables Bitcoin to flow freely across global financial markets.”
“ƒBTC represents the next evolution in Bitcoin’s journey toward becoming a productive financial asset” said Jason Urban, Global Head of Trading at Galaxy. “We’re excited to contribute to the infrastructure that Function is building to establish Bitcoin as a capital-efficient reserve asset for global markets.”
Function 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.
To learn more about Function, visit https://www.fxn.xyz.
About Function
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.
About Galaxy Digital
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy. We 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. Our offerings include, amongst others, 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.