Function is the issuer of FBTC, an institutional 1:1 Bitcoin-backed asset distributed natively across 8 EVM chains with MPC custody, Chainlink Proof-of-Reserve, and integrations across DeFi yield protocols.
Merchants deposit native BTC into MPC custody; the FireBridge contract mints 1:1 FBTC. Retail exits via DEX, institutions via merchant redemption — all gated by a single pause key.
This single account can pause or upgrade the FireBridge at will — no timelock, no multisig. Rated 0/30 on admin & emergency powers.
Live signals detected by Sentinel monitors across all five risk classes.
See each alert's affected component, root-cause analysis, and recommended action. Pro members get the full risk breakdown for every protocol.
Bitcoin holders have $1T+ of idle BTC that cannot natively participate in DeFi yield strategies, and existing wrapped Bitcoin solutions either depend on a single custodian (WBTC's BitGo) or sacrifice the omnichain distribution that institutional users need.
FBTC is a 1:1 BTC-backed asset with MPC-sharded custody across multiple trusted institutions, native deployment on 8 EVM chains via a canonical FireBridge contract, and continuous Chainlink Proof-of-Reserve attestation.
First omnichain Bitcoin yield asset; multi-institution MPC custody (vs. single-custodian WBTC); Chainlink-verified PoR; deep institutional integrations (Galaxy Digital, Antalpha, Mantle as core contributors) and a Merchant-gated mint/burn channel optimised for institutional BTC capital.
Function (FBTC) is a Bridge protocol operating on Ethereum, Mantle, BSC, Arbitrum, Base, BoB, Sonic, Plume. Function is the issuer of FBTC, an institutional 1:1 Bitcoin-backed asset distributed natively across 8 EVM chains with MPC custody, Chainlink Proof-of-Reserve, and integrations across DeFi yield protocols.
FBTC is a 1:1 BTC-backed asset with MPC-sharded custody across multiple trusted institutions, native deployment on 8 EVM chains via a canonical FireBridge contract, and continuous Chainlink Proof-of-Reserve attestation.
DeFi Sentinel rates Function (FBTC) BBB with a safety score of 67/100, indicating moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Function (FBTC) has 3 audits on record. DeFi Sentinel's analysis flagged 3 high, 4 medium, 5 low risk alerts across Smart Contract & Technical Risk, Governance & Centralization, Sustainability & Competitive Position, Economic Design & Market Risk and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
Function (FBTC) has a DeFi Sentinel safety score of 67/100 (rating BBB), last updated July 8, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Function (FBTC) is deployed on Ethereum, Mantle, BSC, Arbitrum, Base, BoB, Sonic, Plume.
Yes. Function (FBTC) has 3 audit reports on record from firms including BlockSec, MixBytes, Secure3. Audit reports and dates are linked under the Resources tab on this page.
