Turnkey Raises $30M Series B to Build Open Crypto Infrastructure Layer
- Turnkey raises $30M in Series B to scale open crypto infrastructure, led by Bain Capital Crypto.
- The firm powers embedded wallet solutions used by Magic Eden, Polymarket, and Alchemy.
- Funding will expand wallet tech, payments, DeFi tools, and AI agent integration.
Turnkey, a crypto infrastructure startup founded by former Coinbase Custody engineers, has raised $30 million in a Series B round to expand its mission of building an open infrastructure layer for digital assets.
The round was led by Bain Capital Crypto and joined by notable investors including Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures, bringing Turnkey’s total funding to $50 million.
Big news: We’ve raised a $30M Series B led by @BainCapCrypto to power innovation in crypto! pic.twitter.com/4zwgO7gPj9
— Turnkey 🔑 (@turnkeyhq) June 9, 2025
The firm is positioning itself at the core of crypto’s evolving infrastructure stack, offering wallet solutions that power seamless embedded wallet experiences. Turnkey’s core promise is to remove reliance on vulnerable seed phrases and enable secure user onboarding without the complexity associated with traditional crypto wallets.
Its technology is already in use by platforms such as prediction market Polymarket, NFT marketplace Magic Eden, and Web3 developer suite Alchemy. The newly raised capital will be used to grow Turnkey’s engineering, product, marketing, and operations teams. The company plans to expand support across payments, decentralized finance (DeFi), and AI-powered agents.
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“We’re still early. Less than 10% of the global population uses crypto today, and the infrastructure reflects that,” the team shared in its announcement. “But the foundations we lay now will shape the next decade of digital finance.”
Turnkey enters an increasingly competitive space where digital asset infrastructure firms are seeing significant funding.
Fireblocks raised $550 million in early 2022, while Blockdaemon secured over $350 million across two rounds. More recently, Privy, a direct competitor to Turnkey, reached $40 million in funding as it also works on embedded wallet infrastructure.
The rise of infrastructure-focused startups reflects broader trends in crypto adoption. As blockchain-based applications become more mainstream, seamless access, security, and modularity are becoming essential.
Market Research Future estimates the blockchain infrastructure market will grow from $27.4 billion in 2025 to $221.4 billion by 2034, driven by applications not only in crypto but also in supply chain, energy, and disaster recovery.
Edited by Harshajit Sarmah
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