Former Coinbase employees raise $30 million Series B for crypto infrastructure startup Turnkey
Turnkey, a New York-based crypto key management and wallet infrastructure startup co-founded by former Coinbase employees, has raised $30 million in a Series B funding round led by Bain Capital Crypto, the firm announced on Monday.Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant also participated in the round, bringing Turnkey's total funding to over $50 million.With Stripe supporting stablecoin payouts, Robinhood launching its own non-custodial wallet, and PayPal rolling out a stablecoin, Turnkey argues that an inflection point is here, and the lines between traditional finance and crypto are quickly blurring."Old school custodial infrastructure might be great for buy-and-hold use cases, but it's not the right tool for at-scale, crypto-native applications," Turnkey co-founder and CEO Bryce Ferguson said in a Monday blog post.Founded in 2022, Turnkey aims to address this by creating an "open infrastructure layer for crypto," enabling developers to easily and securely build stablecoin apps, DeFi terminals, or onchain AI agents. It's designed to combine usability with security, offering seedless, extension-free integrations, cryptographically verifiable architecture, flexible APIs for custom logic, and infrastructure built to scale globally with speed and reliability.The growing crypto wallet infrastructure spaceThe crypto wallet infrastructure space is rapidly growing, with several key players focused on embedded wallets, key management, developer tooling, and user onboarding. This includes other projects such as Web3Auth — acquired recently by Consensys — and Privy.Turnkey claims to power over 50 million embedded wallets and processes millions of weekly transactions across DeFi, payments, developer tools, and consumer apps. Its customers include the likes of Bridge, Magic Eden, Alchemy, and Moonshot.Turnkey plans to use the fresh funding to scale its team and expand its modular infrastructure, with a focus on open-source contributions, deeper integrations, and broader support for payments, AI agents, DeFi, and other crypto applications."We’re not just building tools, we’re building the infrastructure that lets crypto evolve the way the internet did: openly, collaboratively, and at scale," Ferguson said. "We’re still early. Less than 10% of the global population uses crypto today, and the infrastructure reflects that. But the foundations we lay now will shape the next decade of digital finance. The future of finance is open."Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.