Turnkey Raises $30 Million Series B Led by Bain Capital Crypto for Open Crypto Infrastructure
Turnkey, the crypto infrastructure company spun out from former Coinbase Custody team members in 2022, has secured $30 million in Series B funding. The round, led by Bain Capital Crypto with participation from Sequoia Capital and others, brings the company’s total funding to $50 million. Turnkey aims to build an “open infrastructure layer” designed to facilitate the crypto industry’s evolution, much like the internet did for traditional services.
Enhancing Security and Scalability
The funding will be directed towards scaling Turnkey’s engineering, product development, go-to-market expansion, and operational teams. Key focus areas include developing modular payment infrastructure, integrating AI agents, and advancing decentralized finance (DeFi) solutions.
Turnkey specializes in providing secure wallet infrastructure, enabling embedded wallets that eliminate the need for vulnerable “phishable seed phrases” typically associated with non-custodial wallets. By embedding secure wallet experiences directly into applications, Turnkey’s solution offers enhanced user protection and frictionless on-ramps to digital assets.
Turnkey powers applications such as prediction market platform Polymarket, NFT marketplace Magic Eden, and Web3 development platform Alchemy.
“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.”
Digital Asset Infrastructure Booming
Turnkey’s substantial funding underscores the increasing investor confidence in the blockchain infrastructure sector. Capital infusions at companies like Fireblocks (now CipherTrace) and Blockdaemon earlier this year set precedents for this space.
Privy, Turnkey’s stated competitor, recently secured a Series C, bringing its total funding to $40 million. Like Turnkey, Privy focuses on providing embedded wallets designed for smoother integration within third-party applications compared to traditional non-custodial wallet setups.
The growing mainstream acceptance of digital assets is driving demand for robust infrastructure. Market projections from Market Research Future indicate the blockchain infrastructure market was valued at $27.4 billion in 2025 and is expected to reach $221.4 billion by 2034, growing at a compound annual growth rate of 26.1%. Beyond crypto, blockchain infrastructure is seen as potentially revolutionizing industries including supply chain management, energy distribution, and disaster recovery systems.
