# Function

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/function-4

- Industry: Financial Services
- Headquarters: New York, US
- Website: www.fbtc.com/
- Total disclosed funding: $10M
- Latest round: Seed (Jul 15, 2025)
- Investors on record: 3

## About

Based in the US, Function facilitates online transactions by transforming Bitcoin into a productive asset through innovative decentralized finance (DeFi) solutions. Function specializes in enhancing Bitcoin's utility within decentralized finance. The company was founded in New York, US, and has not undergone significant pivots.In July 2025, Function raised USD 10 million in seed funding led by new investor Galaxy Asset Management, with participation other new investor Antalpha and Mantle Network. Function’s core product, ƒ(BTC), offers a transformative approach to utilizing Bitcoin as a productive asset within decentralized finance (DeFi). This financial instrument allows users to convert Bitcoin into FBTC through a secure minting and burning process involving a multi-signature, MPC-based system. FBTC enhances Bitcoin’s utility beyond mere holding, enabling staking, collateral use, and deployment into DeFi vaults for yield generation. The solution targets institutional clients and individuals across regions with significant DeFi adoption, including North America, Europe, and parts of Asia. Function generates revenue through transaction fees linked to the minting and burning of FBTC, as well as through deep integrations within DeFi ecosystems that utilize FBTC for yield generation and collateral purposes. Clients, including institutional investors and crypto asset managers, engage with Function by initiating mint and burn requests for FBTC, which are validated before transaction execution. Revenue is generated primarily from transaction fees and potential partnership agreements with platforms integrating FBTC. In July 2025, Function raised USD 10 million in Seed funding aimed at supporting new product development and market expansion. The company plans to introduce additional DeFi products to enhance the functionality of FBTC and intends to expand into new geographic regions, focusing on markets experiencing rapid growth in DeFi adoption. The funding will be utilized to bolster product development efforts and support entry into these new markets.

## Funding rounds

- Seed, Jul 15, 2025, $10M — Galaxy Asset Management, AntAlpha, Mantle Network

## Investors

- Galaxy Asset Management (https://capitalatlas.ai/funds/galaxy-asset-management) — Seed
- AntAlpha (https://capitalatlas.ai/funds/antalpha) — Seed
- Mantle Network — Seed