Crypto Infrastructure Provider Secures Major Funding to Scale Wallet Solutions Powering 50M+ Users
Three Key Facts
- Turnkey raised $30 million in Series B funding led by Bain Capital Crypto, bringing total funding to over $50 million
- The company powers over 50 million wallets and secures billions in crypto assets across millions of daily transactions
- Major clients include Bridge, Magic Eden, World, Alchemy, Polymarket, and Stripe-owned stablecoin firm Bridge
Introduction
Crypto infrastructure platform Turnkey secured $30 million in Series B funding, marking a significant milestone in the company’s mission to simplify crypto wallet management. The funding round, led by Bain Capital Crypto with participation from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant, brings the company’s total funding to over $50 million.
This investment underscores growing investor confidence in crypto infrastructure solutions that bridge traditional finance and blockchain technology. According to Finextra, the funding demonstrates strong market demand for developer-friendly crypto financial applications.
Key Developments
Founded in 2022 by former Coinbase employees Bryce Ferguson and Jack Kearney, Turnkey has rapidly established itself as a leading crypto wallet infrastructure provider. The company has facilitated millions of onchain transactions since its launch, serving notable clients across various sectors.
Recent milestones include the open-sourcing of QuorumOS and the launch of wallet infrastructure specifically designed for AI agents. The company currently operates with a team of 35 employees and plans significant expansion using the new capital, particularly within its engineering division.
Turnkey’s platform utilizes Trusted Execution Environments to isolate sensitive processes, enhancing security for key management operations. This architectural approach has enabled the company to scale its services while maintaining high security standards across decentralized finance applications.
Market Impact
The funding reflects broader market trends where traditional finance and crypto services increasingly converge. Major fintech companies like Stripe, Robinhood, and PayPal are integrating stablecoins and exploring wallet features, creating substantial demand for reliable infrastructure solutions.
Turnkey’s programmable crypto infrastructure addresses critical scalability challenges in the blockchain ecosystem. The company’s API and open-source SDKs enable developers to integrate crypto wallets, automate signing workflows, and implement policy controls without directly handling private keys.
The platform currently powers over 50 million wallets and secures billions in crypto assets, demonstrating significant market penetration. This scale positions Turnkey to capture growing demand from both crypto-native projects and traditional fintech players seeking blockchain capabilities.
Strategic Insights
Turnkey’s approach focuses on solving fundamental usability and security challenges that have historically limited crypto adoption. The company targets the developer market by providing streamlined APIs that simplify wallet creation and management processes.
The platform’s verifiable key management system, detailed in their recent white paper, represents a significant technical advancement. This system enables continuous innovation without the constraints of traditional custody models while supporting open governance structures.
Strategic positioning in embedded wallet solutions has proven particularly effective. The company serves diverse sectors including DeFi, trading, and payments, demonstrating the versatility of its infrastructure approach across multiple use cases.
Expert Opinions and Data
CEO Bryce Ferguson emphasizes the company’s mission to address crypto adoption barriers. “Usability and security issues with crypto wallets have held back crypto adoption,” Ferguson states, highlighting their goal to make crypto wallets as user-friendly as popular payment apps like Venmo or CashApp.
Stefan Cohen, Partner at Bain Capital Crypto, recognizes Turnkey’s industry leadership. “In the three years since launching, Turnkey has become an industry-leading solution for creating embedded wallets,” Cohen notes, praising the platform’s secure, scalable infrastructure that supports both crypto and fintech companies.
Mike Shrieve, Head of Research at Polymarket, provides client perspective on the platform’s reliability. “As the world’s largest prediction market, Turnkey’s key management infrastructure gives us the foundation to grow confidently and securely,” he comments, illustrating the trust major platforms place in Turnkey’s solutions.
Ferguson also addresses the technical evolution occurring in crypto infrastructure. “We’re moving from this world of these slow, clunky systems that were designed for buying and holding crypto to very high throughput, machine-based transactions,” he explains, highlighting the shift toward more sophisticated blockchain applications.
Conclusion
Turnkey’s successful funding round represents the maturation of crypto infrastructure and demonstrates significant investor confidence in blockchain technology’s mainstream adoption potential. The company’s focus on developer-friendly solutions addresses critical market needs as traditional finance increasingly embraces crypto capabilities.
The platform’s impressive scale, powering over 50 million wallets and securing billions in assets, validates its technical approach and market positioning. With plans to expand its engineering team and enhance services, Turnkey appears well-positioned to capitalize on growing demand for accessible blockchain-based financial tools.
