Turnkey Raises $30 Million in Series B Funding for Crypto Infrastructure

Turnkey, a crypto infrastructure company founded by former Coinbase Custody builders in 2022, has successfully raised $30 million in a Series B funding round. This investment was led by Bain Capital Crypto, with additional support from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. The round brings Turnkey’s total funding to $50 million, highlighting the growing interest and investment in the crypto infrastructure sector.

The capital raised will be used to scale Turnkey’s engineering, product, go-to-market, and operations teams. The company aims to focus on developing modular infrastructure for payments, AI agents, and decentralized finance (DeFi). Turnkey specializes in providing wallet infrastructure, enabling embedded wallets that eliminate the need for phishable seed phrases. This technology is already being utilized by clients such as prediction market platform Polymarket, NFT marketplace Magic Eden, and Web3 development platform Alchemy.

Turnkey’s mission is to create an “open infrastructure layer” for crypto, which the company believes will help the industry evolve similarly to the internet. The company’s founders, who have a background in building Coinbase Custody, are well-positioned to lead this transformation. The infrastructure provided by Turnkey is designed to support a wide range of use cases, including AI-driven agents and DeFi applications, making it a versatile tool for developers in the crypto space.

The blockchain infrastructure sector has seen increased attention from investors in recent years. In January 2022, 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 an additional $207 million in January 2022. These investments underscore the growing demand for robust and scalable blockchain infrastructure solutions.

In March, Turnkey’s direct competitor Privy announced a raise that brought its total fundraising to $40 million. Like Turnkey, Privy offers embedded wallets, allowing companies to integrate white label wallets directly into their applications with less friction than traditional non-custodial wallets. This competition highlights the growing need for secure and efficient wallet infrastructure in the crypto industry.

Blockchain infrastructure is gaining more attention as digital assets rise and achieve mainstream acceptance. The blockchain infrastructure market is valued at $27.4 billion in 2025 and is projected to reach a market size of $221.4 billion by 2034, with a compound annual growth rate of 26.1%. Blockchains have potential outside of crypto as well and may be used to streamline supply chain management, better energy distribution, and increase capabilities of disaster recovery.

Turnkey’s success is evident in its collaboration with prominent clients such as Polymarket, Worldcoin, and Stablecoin, enabling over 50 million embedded crypto wallets and facilitating millions of transactions daily in decentralized applications. The company’s open-sourcing of QuorumOS reflects its commitment to secure computing and community-driven innovation. With the Series B funding, Turnkey plans to further invest in open-source development and community support, aiming to shift finance from centralized models to verifiable open systems. This strategy is expected to drive broader developer engagement and growth in blockchain-based financial services, ultimately contributing to the future of financial networks.