Turnkey, a startup specializing in crypto key management and wallet infrastructure, has successfully raised $30 million in a Series B funding round. The New York-based company, co-founded by ex-Coinbase staff, announced this milestone on Monday. Bain Capital Crypto led the funding, with participation from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant. This latest investment brings Turnkey’s total funding to over $50 million.
The startup has emerged at a critical time when the lines between traditional finance and cryptocurrency are fading, with major companies like Stripe, Robinhood, and PayPal embracing crypto services. Turnkey’s co-founder and CEO Bryce Ferguson stated that while traditional custodial infrastructure may work for some use cases, it’s not suitable for large-scale, crypto-native applications.
Turnkey was established in 2022 to tackle this issue, with its mission to develop an “open infrastructure layer for crypto.” This would allow developers to build stablecoin apps, DeFi terminals, or onchain AI agents securely and conveniently. Turnkey’s system offers a blend of usability and security, boasting of seedless, extension-free integrations, cryptographically verifiable architecture, adaptable APIs for custom logic, and a scalable infrastructure.
The crypto wallet infrastructure sector is expanding rapidly, with numerous key entities focusing on embedded wallets, key management, developer tooling, and user onboarding. This includes projects like Web3Auth and Privy. Turnkey power over 50 million embedded wallets and processes millions of transactions weekly across DeFi, payments, developer tools, and consumer apps. Some of its clients include Bridge, Magic Eden, Alchemy, and Moonshot.
Turnkey plans to utilize the new funding to grow its team and broaden its modular infrastructure, concentrating on open-source contributions, deeper integrations, and extensive support for payments, AI agents, DeFi, and other crypto applications. “We’re not just building tools, we’re building the infrastructure that lets crypto evolve the way the internet did: openly, collaboratively, and at scale,” said Ferguson. “We’re still early. Less than 10% of the global population uses crypto today, and the infrastructure reflects that. But the foundations we lay now will shape the next decade of digital finance. The future of finance is open.”
