Turnkey Raises $30M Series B to Expand Developer-Centric Crypto Wallet Infrastructure
Crypto wallet infrastructure provider Turnkey has secured $30 million in Series B funding, led by Bain Capital Crypto and joined by Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Variant, and Wintermute Ventures. Founded in 2022 by former Coinbase Custody developers, Turnkey aims to build an open infrastructure layer for the growing crypto ecosystem, focusing on wallet technology that eliminates seed phrases to reduce phishing risks. Key clients include Polymarket, Magic Eden, Stripe’s Bridge unit, and Alchemy. This round brings the company’s total funding to $50 million and funds expansion of engineering, product, marketing, and operations teams, with a focus on payment modularity, AI-driven agents, and DeFi infrastructure. Turnkey’s rapid growth and backing from major investors reflects increasing demand for robust, scalable blockchain infrastructure, as rivals like Fireblocks and Privy also attract significant capital. The surge in investment coincides with rising mainstream adoption of digital assets and projections for strong market growth, potentially heightening interest and confidence among crypto traders.
Bullish
Turnkey’s $30 million Series B funding, led by prominent crypto venture capital firms, demonstrates growing confidence in scalable blockchain infrastructure. The firm’s client list and focus on developer-oriented, seedless wallet solutions address major pain points in crypto adoption and security. The expansion in engineering and product capabilities, alongside rising industry investments and mainstream acceptance forecasts, suggest an improving environment for crypto innovation. Historically, large infrastructure investments and ecosystem development signal positive longer-term sentiment, attracting both institutional and retail attention. For traders, this increased infrastructure robustness may encourage greater participation and trading activity, supporting a bullish outlook for the broader crypto market.