Turnkey Secures $30 Million in Series B Funding Led by Bain Capital Crypto

Turnkey, a crypto wallet infrastructure company, has successfully secured $30 million in Series B funding. This round was led by Bain Capital Crypto, with additional contributions from Lightsped Faction and Galaxy Ventures, who had previously led Turnkey's $15 million Series A funding in April 2024.

Turnkey was co-founded by Bryce Ferguson and Jack Kearney, both former employees of Coinbase. The company specializes in providing developers with the tools to build user-friendly wallets through the use of application programming interfaces (APIs). This technology aims to streamline and enhance the user experience, making wallets more efficient and easier to use.

According to Bryce Ferguson, Turnkey is transitioning from traditional, slow, and clunky systems designed for buying and holding crypto to high-throughput, machine-based transactions. This shift is part of a broader trend in the crypto industry towards more sophisticated and efficient transaction systems.

Turnkey's client base includes notable names such as Polymarket, a prediction market platform, Magic Eden, an NFT marketplace, and Bridge, a stablecoin firm owned by Stripe. These partnerships highlight the company's growing influence and the trust it has earned within the crypto community.

With the new capital, Turnkey plans to significantly expand its team, which currently consists of 35 employees. The primary focus will be on growing the engineering department to support the company's continued growth and innovation. This investment underscores Turnkey's commitment to staying at the forefront of crypto wallet technology and meeting the evolving needs of its clients.