Turnkey, a crypto infrastructure company established in 2022 by former Coinbase Custody developers, has successfully secured $30 million in a Series B funding round. This investment aims to advance the creation of an "open infrastructure layer" for the cryptocurrency sector, fostering development akin to the internet's evolutionary path.
The Series B round was spearheaded by Bain Capital Crypto, with significant participation from several other investors, including Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. This latest influx of capital brings Turnkey's total funding to over $50 million, underscoring the increasing investor confidence in the company's vision and capabilities.
Turnkey specializes in delivering wallet infrastructure solutions that enable embedded wallets, which eliminate the need for users to rely on easily compromised seed phrases. The company's client base includes prominent platforms such as the prediction market Polymarket, the NFT marketplace Magic Eden, and the Web3 development platform Alchemy.
According to the announcement, the newly acquired funds will be strategically allocated to scale Turnkey's engineering, product development, go-to-market strategies, and operational teams. Specific areas of focus will include developing modular infrastructure for payments, AI agents, and decentralized finance (DeFi).
Bryce Ferguson, Co-Founder & CEO of Turnkey, stated, "The inflection point is here: the lines between traditional finance and crypto are blurring. To create a truly open financial system, developers need trustless primitives they can build on, verify, and scale with confidence. 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. The future of finance is open."
Turnkey's platform offers simple APIs that empower developers to securely generate wallets and sign transactions across any blockchain. This approach aims to overcome the limitations of traditional custodial infrastructure, which often presents obstacles to innovation due to outdated APIs, limited asset support, and scalability issues. Turnkey has also demonstrated its commitment to open infrastructure by open-sourcing core components like QuorumOS, its verifiable operating system for secure computing environments.
Turnkey supports over 50 million wallets and has open-sourced its secure operating system, QuorumOS. The company aims to simplify key management and enable scalable, developer-friendly crypto financial applications.
The funding update was shared via an X post from the company. Investors cited growth metrics and future potential as key factors. The round's valuation figure was not disclosed in the public update.
Turnkey's Series B funding arrives amid a narrowing gap between traditional finance and crypto services. Companies such as Stripe, Robinhood, and PayPal are integrating stablecoin services into their platforms and exploring non-custodial wallet features for broader crypto access. The development of secure and modular wallet systems remains central to this growing interest.
The crypto wallet infrastructure space is rapidly growing, with several key players focused on embedded wallets, key management, developer tooling, and user onboarding. Turnkey claims to power over 50 million embedded wallets and processes millions of weekly transactions across DeFi, payments, developer tools, and consumer apps. Its customers include the likes of Bridge, Magic Eden, Alchemy, and Moonshot.
According to Market Research Future, the blockchain infrastructure market is valued at $27.4 billion in 2025 and is projected to reach a market size of $221.4 billion by 2034, with a compound annual growth rate of 26.1%.
