Crypto wallet infrastructure startup Turnkey has secured $30 million in Series B funding, signaling growing investor confidence in developer-first blockchain tools. The round was led by Bain Capital Crypto, with notable participation from Lightspeed Faction and Galaxy Ventures.
Coinbase Alumni Lead Wallet Infrastructure Innovation
Founded by former Coinbase employees Bryce Ferguson and Jack Kearney, Turnkey is focused on building a modern crypto wallet infrastructure that enables developers to integrate user-friendly wallets into their applications via APIs.
“We’re moving from clunky systems to high-throughput, machine-based transactions,” Ferguson explained in an interview with Fortune.
With crypto increasingly embedded in mainstream finance and decentralized apps, Turnkey’s API-first approach aims to simplify wallet creation, security, and usability, making it easier for developers to onboard users seamlessly.
Notable Clients and Industry Backing
Turnkey has already attracted clients such as:
- Polymarket, a prediction market platform
- Magic Eden, a leading NFT marketplace
- Bridge, a stablecoin firm owned by Stripe
These partnerships underscore Turnkey’s role as a critical backend player in the evolving crypto economy.
Engineering Team Set for Major Expansion
The newly raised capital will be used primarily to grow Turnkey’s engineering team, which currently comprises 35 employees. The goal is to enhance platform capabilities and meet the increasing demand for robust, scalable wallet infrastructure solutions.
“We’re doubling down on engineering to support the next generation of Web3 apps,” said one executive source familiar with the hiring plan.
The round follows Turnkey’s $15 million Series A in April 2024, also led by Galaxy Ventures and Lightspeed Faction, bringing total funding to $45 million within just over a year.
Wallet Infrastructure Is Heating Up
As the Web3 ecosystem scales, the need for reliable wallet solutions is intensifying. Turnkey’s success reflects a broader trend of VCs betting on infrastructure that can bridge Web2 user experience standards with Web3 decentralization.
Conclusion
Turnkey’s Series B funding highlights growing momentum in crypto infrastructure investment. With backing from leading venture firms and a roster of high-profile clients, Turnkey is positioning itself at the center of wallet innovation, powering the next wave of user adoption across crypto-native and fintech platforms alike.