Function, a cryptocurrency infrastructure company, has just completed a $10 million seed funding round led by Galaxy Digital.
Function develops the FBTC product – a fully collateralized Bitcoin derivative asset, with a current TVL of $1.5 billion, aimed at providing professional profit solutions for institutional investors.
MAIN CONTENT
Function has raised $10 million from Galaxy Digital and other partners.
FBTC is a fully collateralized Bitcoin derivative, with a TVL of $1.5 billion.
Galaxy Digital is deeply involved in providing liquidity and designing the governance framework of the product.
What kind of company is Function and what is the scale of the recently completed funding round?
Function is a cryptocurrency infrastructure development company focusing on highly professional Bitcoin derivative products. According to CoinDesk on July 15, 2024, Function's seed funding round raised $10 million, led by Galaxy Digital, with participation from Antalpha and Mantle.
This funding round helps Function strengthen its financial capacity to expand technology and market development. Galaxy Digital is also committed to deep collaboration in liquidity provision and core governance framework design activities.
Galaxy Digital is committed to partnering with Function to build profitable solutions for Bitcoin with the highest safety and transparency.
Adam Smith, Investment Director at Galaxy Digital, 07/2024
What is the FBTC product and what is its current value?
FBTC is a composable Bitcoin derivative product developed by Function with the goal of meeting institutional investment needs. This is a fully collateralized derivative asset, with a current TVL of $1.5 billion, confirming its scale and trust from the market.
The product allows institutional investors to customize Bitcoin profit scenarios while ensuring custody control and a 1:1 valuation ratio with the underlying asset.
FBTC offers diverse profit opportunities in the cryptocurrency industry while ensuring a high level of safety thanks to the 1:1 collateral mechanism.
Jessica Lee, Head of Product Development at Function, 07/2024
How does Galaxy Digital support Function through specific activities?
Galaxy Digital not only invests capital but also partners with Function in building liquidity solutions and designing transparent, efficient governance frameworks for FBTC and related products.
This helps the product not only to be strong in technology but also to ensure governance according to organizational standards, enhancing trust and attracting strategic investors.
Real-world examples of the importance of fully collateralized Bitcoin derivatives.
According to a 2024 CoinDesk report, Bitcoin derivatives with collateral assets like FBTC help organizations maintain control of the underlying assets, mitigate liquidity risks, and increase investment flexibility.
Market data shows that this type of product attracts a TVL of up to $1.5 billion, demonstrating a high level of trust and practical application in the cryptocurrency investment sector.
Comparison table of popular Bitcoin derivative assets today.
FBTC (Function) Characteristics Regular Bitcoin Derivative Bitcoin ETF Collateral Fully, 1:1 with Bitcoin May not be fully secured Indirectly secured through funds TVL $1.5 billion Market customizable Not applicable Custody control Held by investors Often managed by providers Not directly Application Institutional investment, professional yield Speculative, margin trading Long-term investment
Frequently Asked Questions
What field does Function operate in? Function develops infrastructure and derivative products in the cryptocurrency market, focusing on Bitcoin. How much did Function raise in its recent funding round? Function completed a seed funding round of $10 million led by Galaxy Digital. What strengths does FBTC have regarding collateral? FBTC has full collateral, with a 1:1 ratio with Bitcoin ensuring custody control for investors. In which areas does Galaxy Digital support Function? Galaxy Digital is involved in providing liquidity and designing governance frameworks for Function's products. What is the current Total Value Locked (TVL) of FBTC? FBTC currently manages a TVL of approximately $1.5 billion, reflecting strong demand from the institutional market.
Source: https://tintucbitcoin.com/function-goi-von-10-trieu-usd-vong-seed/
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