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Coinbase Alum-Founded Turnkey Raises $30M Series B to Grow Engineering Team
The funding round was led by Bain Capital Crypto and included contributions from Lightspped Faction and Galaxy Ventures
Crypto wallet infrastructure company Turnkey has raised $30 million in Series B funding led by Bain Capital Crypto.
Turnkey, which was co-founded by former Coinbase employees Bryce Ferguson and Jack Kearney, aims to help developers build user-friendly wallets using application programming interfaces (APIs).
"If you want people outside of tech enthusiasts to use crypto, you need to make crypto wallets as easy and secure as popular payments apps like Venmo or CashApp," Turnkey said in an emailed comment to CoinDesk.
The company counts prediction market platform Polymarket, non-fungible token (NFT) marketplace Magic Eden and Stripe-owned stablecoin firm Bridge among its clients.
The funding also included contributions from Lightspeed Faction and Galaxy Ventures, who led Turnkey's $15 million Series A in April 2024.
Turnkey will use its new capital to increase its headcount, which currently sits at 35 employees. The firm is looking to expand its engineering, product, go-to-market and operations teams, according to a blog post on Monday.
The news was reported earlier by Fortune.
UPDATE (June 9, 14:20 UTC): Attributes story to blog post rather than Fortune. Also removes quote from Fortune article, replacing it with emailed comment from Turnkey.
