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About Function
Function is a Bitcoin-centric DeFi infrastructure company. Its core product, FBTC, is a 1:1 Bitcoin-backed, multi-chain yield-bearing asset. Function's mission is to transform Bitcoin from a passive store of value into programmable, productive capital. The company provides the infrastructure for Bitcoin to be used in lending, borrowing, and yield generation across major networks like Ethereum, Mantle, and Base.
Function's key competitive advantage lies in its institutional-grade security and transparency. Every FBTC is fully backed by Bitcoin, with reserves verifiable on-chain. The recent launch of the FBTC Agent SDK is a significant milestone, enabling AI agents to read positions, prepare transfers, and assess market conditions, thereby integrating Bitcoin into automated DeFi workflows. This positions Function at the forefront of the 'programmable Bitcoin' narrative.
The market problem Function addresses is Bitcoin's historical inefficiency in DeFi. Despite being the largest digital asset, Bitcoin's utility has been limited by fragmented liquidity and a lack of secure, institutional-grade solutions. Function bridges this gap by offering a safe, transparent, and composable way for Bitcoin holders to earn yield without sacrificing security or control.
In the past six months (March to September 2026), Function has expanded FBTC to 9 chains, enhancing cross-chain accessibility. The company also integrated with BitGo for institutional-grade custody, and launched the Agent SDK to enable AI-driven DeFi strategies. However, the broader Bitcoin DeFi sector has faced challenges, including intense competition from other wrapped Bitcoin products and scrutiny over the security of cross-chain bridges, which Function has addressed through its transparent reserve model and partnerships with established custodians.
Founded in 2024 as Ignition, Function positioned itself as a crypto infrastructure company enabling institutions to deploy Bitcoin productively. As a core early participant in the Linea ecosystem, Ignition launched a liquidity incentive program allocating 4% of LINEA tokens to liquidity providers for the Linea Surge event, laying the groundwork for multi-chain liquidity. On February 13, 2025, Ignition officially rebranded to Function, completing a strategic brand upgrade that marked its pivot toward Bitcoin productivity infrastructure. In July 2025, Function closed a $10M seed round with Galaxy Digital joining as a core contributor and investor, alongside Antalpha and Mantle on FBTC's security council. During the same period, FBTC's total value locked surpassed $1.5B with integration across 8+ major protocols and 25+ dApps including Ethereum, Aave, and Babylon, establishing Function as the institutional gateway for Bitcoin yield and marking Bitcoin's structural shift from passive store of value to productive financial asset.
As a Web3 data analyst, here are Function's key developments from 2026-03-01 to 2026-09-01:
In July 2026, Function launched the FBTC Agent SDK, a significant milestone enabling AI agents to interact with Bitcoin-backed assets (FBTC) across DeFi protocols. The SDK supports Vercel AI SDK, custom agent loops, and Coinbase AgentKit, with initial integration on Aave V3 (Mantle and Ethereum). This allows agents to query balances, manage lending positions, and execute transfers with deterministic validation, marking a shift toward "programmable capital" for Bitcoin.
Function's roadmap focuses on institutional adoption, expanding to additional chains, and broadening FBTC utility. The team emphasizes multi-chain support (Ethereum, Mantle, BNB Chain, Arbitrum, Base, BOB, Sonic, Plume, Solana) and enhancing security via multi-signature and threshold signature schemes (TSS/MPC). Future priorities include deeper DeFi integrations, improving liquidity, and maintaining transparent, auditable reserves.
Thomas C. – Co-Founder & CEO Previously Managing Director & Global Head of Sales at BitGo (Dec 2021 – Jan 2025), where he helped scale Assets Under Custody from $0 to over $100B and staked assets to $50B+. Prior to BitGo, he held enterprise sales roles at data.ai, Mattermark, and WillowTree, and began his career as a Private Banking Analyst at J.P. Morgan Asset Management. He is based in New York.
Zuki – Co-Founder & CMO Leads marketing and brand strategy at Function. Prior to founding Function, Zuki was a Core Builder at RabbitX (Aug 2022 – Sep 2024), a crypto derivatives platform. Earlier, Zuki worked as a Portfolio Manager at GIC (Mar 2020 – Jul 2021) and as a Vice President in Fixed Income Trading at BlackRock (Oct 2017 – Feb 2020), covering Rates, FX, and Credit, as well as China onshore bond trading and macro investment modeling. Based in Singapore.