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๐ Turnkey Raises $30M Series B to Expand Crypto Wallet Infrastructure
June 9, 2025 โ San Francisco โ Turnkey, a crypto wallet infrastructure provider co-founded by former Coinbase employees Bryce Ferguson and Jack Kearney, has raised $30 million in a Series B funding round led by Bain Capital Crypto.
The round also included participation from Lightspeed Faction and Galaxy Ventures, who previously led the companyโs $15 million Series A in April 2024.
๐ Mission: Simplifying Wallets for Mass Adoption
Turnkeyโs platform enables developers to integrate user-friendly crypto wallets into applications via secure APIs, aiming to bring Web3 usability on par with mainstream fintech apps.
> โTo reach users beyond crypto enthusiasts, wallets must be as intuitive and secure as apps like Venmo or CashApp,โ Turnkey said in an emailed statement.
๐งโ๐ป Growing the Team
The company currently has 35 employees and plans to use the new funds to expand its engineering, product, go-to-market, and operations teams.
๐ค Client Portfolio
Turnkey's infrastructure is already used by several high-profile clients, including:
Polymarket โ a decentralized prediction market platform
Magic Eden โ a leading NFT marketplace
Bridge โ a stablecoin initiative backed by Stripe
๐ Funding Summary:
Total Raised (Series B): $30 million
Lead Investor: Bain Capital Crypto
Previous Investors (Series A): Galaxy Ventures, Lightspeed Faction
Use of Funds: Team expansion and infrastructure scaling
Headcount Before Round: 35 employees
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Tags: Turnkey, Coinbase, Wallet Infrastructure, Crypto APIs, Series B, Bain Capital Crypto, Magic Eden, Polymarket, Stablecoins
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