Function
Function builds financial infrastructure that activates Bitcoin via FBTC, a fully reserved, MPC-custodied wrapped BTC asset integrated across 30+ DeFi protocols and 7 blockchains, serving institutional investors, DeFi protocols, and Bitcoin holders seeking yield on BTC.
- Company typePrivate
- Founded2025
- HeadquartersNew York City, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Function does
Function is a New York City-based crypto infrastructure company (legally operating as FireSpire Limited, domiciled in Hong Kong) that builds the financial infrastructure for activating Bitcoin. The company was founded in 2025 under the name Ignition and rebranded to Function alongside its July 2025 seed funding round. Function's flagship product is FBTC (FireBTC), a fully reserved, 1:1 Bitcoin-backed wrapped asset built on a Threshold Signature Scheme (TSS) network with MPC-based custody in which key shares are distributed across trusted institutions. FBTC is deployed across Ethereum, Mantle, Arbitrum, BNB Chain, Base, BOB, and Plume, and is integrated with more than 30 DeFi protocols and 25+ dApps including Aave, Babylon, EigenLayer, Ethena, Cian, Sentora, and Kamino, enabling lending, staking, restaking, and vault-based yield strategies on what would otherwise be passive BTC holdings.
Function operates a product-led growth motion targeting institutional investors, DeFi protocols, market makers, hedge funds, and Bitcoin holders. The platform supports direct self-serve minting and burning of FBTC across multiple chains, complemented by secondary distribution through Bybit, a Merchant Program, a Vault Manager Program, and ecosystem integrations. Revenue mechanics are embedded in transactional flows: users pay gas plus optional minting, redemption, bridging, and merchant fees; no direct consumer subscription pricing is published, and institutional access is gated through a sales contact. Supporting product modules include FBTC Vaults, the Sparks points program, a Bridge Explorer, an aToken Swap tool, and a Proof of Assets transparency dashboard.
The company is privately held, employs 1-10 people, and raised $10 million in seed funding in July 2025 led by Galaxy Digital with participation from Antalpha and Mantle, who also serve on its security council. Function is led by CEO Thomas Chen and markets under the Function and Function | FBTC brands, with services legally provided by FireSpire Limited and explicitly restricted in several jurisdictions including the United States, Mainland China, Hong Kong, Singapore, and various sanctioned regions.
Function firmographics
Firmographics- Name
- Function
- Legal name
- FireSpire Limited
- Website
- https://fxn.xyz
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Function builds financial infrastructure that activates Bitcoin via FBTC, a fully reserved, MPC-custodied wrapped BTC asset integrated across 30+ DeFi protocols and 7 blockchains, serving institutional investors, DeFi protocols, and Bitcoin holders seeking yield on BTC.
- Ownership category
- akta.pro rank
Function industry classification
Industry- Product category
- Crypto Infrastructure / Bitcoin DeFi
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Securities and Commodity Exchanges (52321)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
- akta.pro secondary industries
- Stablecoin Protocols (Decentralized) (FSADAMAD), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)
Keywords
Where Function is headquartered
LocationHeadquarters
- HQ city
- New York City
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Function business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Minting Fees: When Users mint FBTC, they incur blockchain gas costs which vary depending on network conditions. There is no additional minting fee charged besides gas cost.
- Redemption Fees: Fees associated with burning FBTC on the destination chain and redeeming BTC on Bitcoin main chain. The redemption fee is in addition to the gas cost.
- Merchant Fees: Merchants may impose a fee when Users acquire FBTC through the merchant. These fees serve as compensation for the services rendered by merchants.
- Bridging Fees: Fees in addition to gas cost when bridging FBTC across multiple chains.
Go-to-market motion1 record
Distribution channels6 records
Marketing channels8 records
Function product offering
Product offeringCore offering
Function builds FBTC, a fully reserved, 1:1 Bitcoin-backed wrapped asset built on a Threshold Signature Scheme (TSS) network with MPC-based custody. FBTC transforms Bitcoin into a liquid, composable reserve asset for use across 30+ DeFi protocols for lending, staking, restaking, and vault-based yield strategies across Ethereum, Mantle, Arbitrum, BNB Chain, Base, BOB, and Plume.
Product overview
Function is a crypto infrastructure company that has developed FBTC, a single unified product - a fully reserved Bitcoin-backed wrapped asset that transforms dormant Bitcoin into a productive DeFi asset. FBTC serves as the core platform offering, supported by multiple integrated modules including yield-generating vaults (managed by Cian, Sentora, Kamino), a points program (FBTC Sparks), cross-chain bridge explorer, aToken swap functionality, and proof of assets verification. The ecosystem integrates across 7 blockchain networks (Ethereum, Mantle, BNB Chain, Arbitrum, BOB, Base, Plume) and 30+ DeFi protocols including Aave, Babylon, EigenLayer, and Ethena.
Differentiator
Problem solved
Functional benefit
Brands
- FBTC (FireBTC): A fully reserved, composable Bitcoin representation that transforms Bitcoin into a liquid, productive reserve asset for DeFi. FBTC enables users to stake, lend, and move Bitcoin across multiple blockchain protocols to earn yield.
- Sparks
Products and services
- FBTC (FireBTC) FBTC is a fully reserved, wrapped Bitcoin asset built on Threshold Signature Scheme (TSS) network that transforms Bitcoin into a liquid, composable, and productive reserve asset for DeFi. It enables minting and burning of FBTC by depositing or redeeming BTC with full transparency through MPC custody.
- FBTC Swap & Bridge Swap & Bridge allows users to acquire FBTC through minting (depositing BTC to receive FBTC) or bridging FBTC across multiple blockchain networks including Ethereum, Mantle, BNB Chain, Arbitrum, BOB, Base, and Plume.
- Proof of Assets Proof of Assets provides transparent verification of FBTC's Bitcoin reserves, showing BTC reserve amounts, total FBTC supply, and custodian-controlled Bitcoin addresses with regular audits.
- FBTC Points Program (Sparks) FBTC Sparks is a points program that rewards users for depositing or staking FBTC into integrated protocols. Users earn Sparks based on their FBTC holdings across 30+ projects and can earn additional rewards through referrals (10% bonus per referee).
Quantifiable outcome
- $1.5 billion Total Value Locked
- +2 more outcomes
Companies that use Function
Customer profileSegments5 records
Ideal customer profiles5 records
Function technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration15 records
Feature4 records
Function partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- AavecoreFBTC is integrated with Aave protocol, enabling users to supply FBTC as collateral for borrowing stablecoins and earning yield through lending markets.
- EigenLayercoreFBTC integrated with EigenLayer for restaking protocols, enabling Bitcoin holders to participate in restaking strategies while earning additional yield.
- BabyloncoreFBTC integrated with Babylon for Bitcoin staking, allowing users to stake Bitcoin through the FBTC wrapper to earn staking rewards while maintaining liquidity.
- BybitcoreFBTC is available for acquisition through Bybit exchange, providing secondary market access and distribution for the Bitcoin-backed asset.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Function competitors and assessment
Company assessmentOthers
- Babylon Protocol: Babylon provides Bitcoin staking infrastructure that FBTC integrates with. It is an ecosystem partner and core dependency for FBTC's BTC staking yield strategy.
- Ren Protocol: Ren historically operated renBTC, a cross-chain BTC wrapper. While Ren's operations have wound down, it is a relevant historical peer for understanding the wrapped-BTC market's evolution and risks.
Emerging players
- EtherFi: EtherFi pioneered liquid restaking tokens (weETH) and operates in adjacent restaking/liquid-staking infrastructure. Its multi-chain expansion and institutional integrations are analogous to FBTC's BTCfi ambitions.
- Solv Protocol: Solv issues on-chain yield-bearing BTC representations and has partnered with major CeDeFi platforms. It is comparable to FBTC in offering yield-generating BTC wrappers across multiple chains.
- Stargate Finance: Stargate is a leading cross-chain liquidity bridge protocol with broad multi-chain reach. Its bridging infrastructure overlaps with FBTC's cross-chain liquidity distribution model.
- Bedrock (uniBTC): Bedrock's uniBTC is a multi-chain liquid restaking token for BTC, integrated with Babylon and EigenLayer. It overlaps FBTC's BTC restaking and yield thesis with an earlier launch.
Direct peers
- Lombard Finance: Lombard issues LBTC, a Bitcoin liquid staking token backed 1:1 by BTC via Babylon staking. It is a direct competitor in the BTC liquid-staking and DeFi collateral category.
- Threshold Network tBTC: tBTC is a decentralized Bitcoin bridge using threshold cryptography and is one of FBTC's closest architectural analogs as a decentralized, trust-minimized BTC wrapper across multiple chains.
- Wrapped BTC (wBTC) by BitGo: wBTC is the largest 1:1 Bitcoin-backed ERC-20 token, operated by BitGo. It is the dominant BTC wrapper in DeFi and competes directly with FBTC for collateral usage across protocols like Aave.
- Coinbase Wrapped BTC (cbBTC): Coinbase's cbBTC is a 1:1 BTC-backed ERC-20 token launched in 2024 with strong institutional custody backing. It directly competes with FBTC for institutional BTC DeFi collateral share.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Function social profiles
Digital presenceFunction financial estimates
Financial estimateRevenue estimate
Valuation estimate
Function leadership team
Management profileNumber of profiles
Profiles1 record
Function funding detail
Funding detailFunding overview
Funding rounds1 record
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Function M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Function
What does Function do?
Function builds FBTC, a fully reserved, 1:1 Bitcoin-backed wrapped asset built on a Threshold Signature Scheme (TSS) network with MPC-based custody. FBTC transforms Bitcoin into a liquid, composable reserve asset for use across 30+ DeFi protocols for lending, staking, restaking, and vault-based yield strategies across Ethereum, Mantle, Arbitrum, BNB Chain, Base, BOB, and Plume.
Is Function a public or private company?
Function is a private company. It is classified as venture growth investor backed and is currently operating.
When was Function founded?
Function was founded in 2025. It employs 1 to 10 people.
Where is Function based?
Function is headquartered in New York City, United States, in the North America region.
How does Function make money?
Four revenue lines are on record. Minting Fees are the primary driver. The others are redemption Fees, merchant Fees and bridging Fees.
Who are Function's main competitors?
Others on record are Babylon Protocol and Ren Protocol. Emerging players are EtherFi, Solv Protocol, Stargate Finance and Bedrock (uniBTC). Direct peers are Lombard Finance, Threshold Network tBTC, Wrapped BTC (wBTC) by BitGo and Coinbase Wrapped BTC (cbBTC).
Does Function have an API?
No public API is recorded for Function.
What industry is Function in?
Function's product category is Crypto Infrastructure / Bitcoin DeFi. Its primary akta.pro industry code is FSAPAEAB, Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption), with a secondary code of FSADAMAD, Stablecoin Protocols (Decentralized). Its NAICS code is 525 and its SIC code is 6199.