Crypto wallet infrastructure startup Turnkey has raised $12.5 million in a funding round anchored by Circle Ventures and Sequoia Capital, two of the most recognizable institutional backers in the digital asset sector. The raise was announced on May 14, and it adds to Turnkey’s total funding of over $65 million. The company will channel the new capital primarily into developing its Verifiable Cloud product ahead of its public launch.
Turnkey builds key management infrastructure that allows developers and businesses to handle cryptographic keys securely, covering non-custodial wallets, automated on-chain transactions, and policy-controlled signing. Its client roster includes stablecoin-focused platforms like Polymarket and Anchorage Digital, as well as Flutterwave and World App.
Verifiable Cloud is designed to let organizations run sensitive operations—such as transaction signing, policy decisions, and AI-agent-driven wallet activity—in a computing environment that can be independently audited. "Stablecoins are transforming how value moves online, and AI agents are upending traditional security assumptions," said Bryce Ferguson, CEO and co-founder of Turnkey. "Verifiable Cloud is our answer to the security and compliance demands of the next wave of crypto applications."
The investor lineup underscores strong institutional confidence in the private key management layer. Sequoia Capital, a 50-year-old venture giant, has been selectively building exposure to crypto infrastructure, while Circle Ventures, the investment arm of USDC issuer Circle, is expanding its footprint across stablecoin payment rails. Their participation signals that custody and key security remain a focal point for capital allocation even as trading volumes fluctuate. Additional backers in the round include Archetype, Bain Capital Crypto, Lightspeed Faction, Galaxy Ventures, and Variant.
The raise places Turnkey amid a broader crypto infrastructure funding trend. As exchanges like Binance adjust token listings and networks like Solana and XRP Ledger undergo upgrades, venture capital continues to flow into foundational layers such as key management and wallet security.
