Turnkey, a crypto infrastructure startup founded by former Coinbase employees, has secured $30 million in Series B funding to expand its engineering team and scale operations. The round was led by Bain Capital Crypto, with participation from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant.
Turnkey has now raised over $50 million in total funding since its founding in 2022.
Aiming to Redefine Crypto Wallet Infrastructure
Based in New York, Turnkey is building an open infrastructure layer for crypto applications, enabling developers to launch stablecoin payment systems, DeFi terminals, and onchain AI agents with ease. The platform offers seedless, extension-free wallet integration and cryptographically verifiable architecture, making it both developer-friendly and secure.
“Old school custodial infrastructure might be great for buy-and-hold use cases, but it’s not the right tool for at-scale, crypto-native applications,” said CEO Bryce Ferguson.
Industry Momentum: Traditional Finance Meets Crypto
As platforms like Stripe enable stablecoin payouts, and Robinhood and PayPal invest in non-custodial wallets and stablecoins, Turnkey believes the convergence of traditional finance and crypto is accelerating. This shift demands robust infrastructure that supports scale, reliability, and speed — the core of Turnkey’s mission.
The startup claims it powers over 50 million embedded wallets and handles millions of transactions weekly.
A Competitive but Growing Market
Turnkey operates in a competitive space that includes other crypto wallet and key management providers such as Web3Auth and Privy. However, its focus on modular, open-source infrastructure and flexible APIs sets it apart.
Turnkey’s clients include Bridge, Magic Eden, Alchemy, and Moonshot.
Funding to Accelerate Global Expansion
The new capital will help Turnkey grow its 35-person team, with a strong focus on engineering and developer experience. The company also aims to broaden support for payments, DeFi protocols, onchain AI agents, and consumer crypto apps.
“We’re not just building tools — we’re building the foundations for the next generation of open, collaborative digital finance,” said Ferguson.
Looking Ahead: Crypto Infrastructure for the Future
While fewer than 10% of the global population currently uses crypto, Turnkey sees its role as laying the groundwork for the decade ahead. The startup is committed to driving adoption by providing scalable, secure, and flexible infrastructure for the evolving financial landscape.