Former Coinbase Fund Raises $30 Million in Turnkey to Expand Crypto Infrastructure
- Turnkey raises $30 million for cryptocurrency infrastructure
- Startup focuses on wallets and crypto key management
- Turnkey aims to boost DeFi, onchain AI and stablecoins
New York-based crypto infrastructure startup Turnkey has announced it has raised $30 million in a Series B funding round. The round was led by Bain Capital Crypto and included participation from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant. This brings the company’s total funding to more than $50 million.
Big news: We've raised a $30M Series B led by @BainCapCrypto to power innovation in crypto! pic.twitter.com/4zwgO7gPj9
— Turnkey 🔑 (@turnkeyhq) June 9, 2025
Founded in 2022 by former Coinbase employees, Turnkey aims to facilitate the development of cryptocurrency solutions by offering secure and scalable tools for managing digital wallets and keys. The company argues that traditional custodial infrastructure no longer meets the demand for native crypto applications, especially as the market increasingly merges with the traditional financial system.
“Traditional custody infrastructure may be great for buy-and-hold use cases, but it is not the right tool for crypto-native applications at scale,” co-founder and CEO Bryce Ferguson said in a statement.
Turnkey’s proposal is to offer an open infrastructure layer, designed to enable the creation of applications such as stablecoin wallets, DeFi terminals and onchain artificial intelligence agents. Its architecture is designed to avoid the use of seed phrases and extensions, with customizable APIs and cryptographically verifiable authentication.
The digital wallet infrastructure sector has been attracting increasing attention, with other initiatives such as Web3Auth and Privy competing for space. According to the company itself, Turnkey already operates more than 50 million integrated wallets, with millions of transactions processed weekly in areas such as DeFi, payments and developer tools. Clients include platforms such as Magic Eden, Alchemy, Bridge and Moonshot.
The new funding will go toward expanding the team and developing open-source capabilities, with a focus on deeper integrations for payments, artificial intelligence, decentralized applications, and tokenized finance.
“We’re not just building tools, we’re building the infrastructure that allows cryptocurrencies to evolve in the same way the internet has: openly, collaboratively and at scale,” Ferguson said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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