Turnkey Secures $30 Million for Crypto Infrastructure Expansion

Turnkey, a crypto infrastructure company established by former Coinbase Custody builders in 2022, has secured $30 million in a Series B funding round. This investment is aimed at developing an "open infrastructure layer" for crypto, which the company believes will drive the industry's evolution in a manner similar to the internet. The funding round was led by Bain Capital Crypto, with contributions from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. This brings Turnkey’s total funding to $50 million.

Turnkey specializes in providing wallet infrastructure, enabling embedded wallets that eliminate the need for phishable seed phrases. Its client base includes prominent platforms such as prediction market platform Polymarket, NFT marketplace Magic Eden, and Web3 development platform Alchemy. The newly raised capital will be used to expand Turnkey’s engineering, product, go-to-market, and operations teams. Key areas of focus will include modular infrastructure for payments, AI agents, and decentralized finance.

The blockchain infrastructure sector has seen a surge in investor interest 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. In March, Turnkey's direct competitor Privy announced a raise that brought its total fundraising to $40 million. Privy, like Turnkey, offers embedded wallets, allowing companies to integrate white label wallets directly into their applications with less friction than traditional non-custodial wallets.

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 mission is to build a secure, scalable, and open key management infrastructure that empowers the next era of crypto financial applications. The company supports over 50 million wallets and has open-sourced its secure operating system, QuorumOS. This infrastructure aims to simplify key management and enable scalable, developer-friendly crypto financial applications. The funding will support the global expansion of engineering and operations teams, as well as further investment in open-source development and community support.

The Series B funding arrives at a time when there is a growing convergence between traditional finance and crypto services. Companies are integrating stablecoin services into their platforms and exploring non-custodial wallet features for broader crypto access. This trend highlights the rising demand for accessible blockchain-based financial tools. Turnkey's infrastructure is designed to overcome the limitations of legacy custody systems, which often hinder the development of flexible, automated blockchain services. The platform supports use cases like AI-driven agents and DeFi applications, managing large transaction volumes weekly while securing assets valued in the billions.

Turnkey's wallet infrastructure serves as a foundation for crypto-native financial applications. It offers developer-friendly interfaces without requiring traditional crypto wallet setups or seed phrases. Sensitive processes are isolated using Trusted Execution Environments for secure key management. This architecture aims to boost trust and scale in decentralized finance use cases. Developers can build and deploy programs without handling private keys directly. The system aims to simplify the integration of payment and trading functions across multiple platforms. Built-in monitoring tools help ensure system health and compliance oversight measures.

The company has worked with notable clients such as Polymarket, Worldcoin, and Stablecoin, enabling more than 50 million embedded crypto wallets across various crypto platforms. It has also facilitated millions of transactions daily in decentralized applications. The open-sourcing of QuorumOS reflects a period of fast scaling and wider activities in the crypto sector. The trend shows growing adoption of modular and secure blockchain solutions.

Turnkey's ultimate goal is to shift finance from centralized models to verifiable open systems. Despite limited global crypto adoption, scalable systems remain key to future financial networks. The company expects broader developer engagement to drive growth in blockchain-based financial services. The success of this strategy depends on accessible tools and reliable infrastructure for developers. Turnkey's approach to open governance models encourages community contributions and transparency, fostering a collaborative environment for continuous innovation.