Turnkey is a cryptocurrency infrastructure company founded in 2022 by former developers of Coinbase Custody. The company raised $30 million in Series B funding, aiming to create an "open infrastructure layer" in the crypto space. The company stated that this will help the crypto industry evolve in a manner similar to the internet.
This round of funding was led by Bain Capital Crypto, with participation from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. This financing brings Turnkey's total funding to $50 million.
Turnkey focuses on providing wallet infrastructure that supports embedded wallet functionality, which "does not rely on easily phished seed phrases." Its clients include the prediction market platform Polymarket, the NFT marketplace Magic Eden, and the Web3 development platform Alchemy.
According to the announcement, the funds will be used to expand Turnkey's engineering, product, marketing, and operations teams. Key areas of focus include payment modular infrastructure, artificial intelligence agents, and decentralized finance (DeFi).
Turnkey stated, "We are still in the early stages. Currently, less than 10% of the global population uses cryptocurrency, and the infrastructure reflects that. But the foundation we are laying now will shape the digital finance landscape for the next decade."
In recent years, the blockchain infrastructure sector has attracted increasing attention from investors. In January 2022, the crypto infrastructure company Fireblocks raised $550 million at an $8 billion valuation, bringing its total funding to $799 million. Blockchain infrastructure provider Blockdaemon raised $155 million in September 2021 and subsequently raised an additional $207 million in January 2022.
In March of this year, Turnkey's direct competitor Privy announced the completion of a funding round, bringing its total funding to $40 million. Similar to Turnkey, Privy also offers embedded wallet services, allowing companies to directly integrate white-label wallets into their applications, reducing friction compared to traditional non-custodial wallets.
With the rise of digital assets and increased mainstream acceptance, blockchain infrastructure is gaining more attention. According to Market Research Future, the blockchain infrastructure market is valued at $27.4 billion in 2025, with a compound annual growth rate of 26.1%, and is expected to reach $221.4 billion by 2034.
The report also noted that blockchain technology has potential not only in the crypto space but also for optimizing supply chain management, improving energy distribution, and enhancing disaster recovery capabilities.
Related: Nasdaq-listed fintech company Netcapital acquires crypto-native protocol Mixie
Original article: “Turnkey raises $30 million to build crypto open infrastructure layer”
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