Turnkey, a crypto infrastructure startup founded in 2022 by ex-Coinbase Custody builders, has secured $30 million in Series B financing, led by Bain Capital Crypto with notable participation from investors including Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. This funding round raises Turnkey's total capital to $50 million, aimed at expanding its engineering, product, go-to-market, and operations teams.
The company focuses on building an open infrastructure layer for crypto wallets, specializing in embedded wallets that eliminate reliance on phishable seed phrases. Turnkey’s technology is currently employed by significant clients such as the prediction market platform Polymarket, NFT marketplace Magic Eden, and Web3 development platform Alchemy.
The new capital will support advancements in scalable modular infrastructure for payments, AI agents integration, and decentralized finance applications. Turnkey envisions its platform as foundational for the next decade of digital finance, drawing parallels to how internet infrastructure evolved.
The blockchain infrastructure sector has attracted increased capital interest with large fundraises by comparable firms like Fireblocks and Blockdaemon. Market forecasts predict the blockchain infrastructure market to grow from $27.4 billion in 2025 to $221.4 billion by 2034 at a 26.1% CAGR, highlighting the expanding role of blockchain beyond crypto into areas like supply chain management and energy distribution.