Turnkey Raises $30 Million to Develop Its Infrastructure
Date: 2025-06-10 Author: Oliver Abernathy Categories: BUSINESS
Cryptocurrency startup Turnkey has completed a Series B funding round, raising $30 million. The investment was led by Bain Capital Crypto, with Lightspeed Faction, Galaxy Ventures, and other major venture capital firms also participating. The new funds will be used to hire employees, primarily in the engineering department.
Founded in 2022 by Coinbase alumni Bryce Ferguson and Jack Kearney, Turnkey is based in Turkey and specializes in providing tools for creating crypto wallets via APIs. Its goal is to simplify the process of integrating cryptocurrency solutions into user applications for developers.
Sequoia Capital, Wintermute, and Variant also took part in the latest investment round. Some of them have already invested in the project before. The previous Series A round took place in April 2024, when Turnkey managed to raise $15 million.
The current round was formalized as an agreement that includes shares and token warrants. However, as Ferguson stated, the company does not plan to launch its own token.
Currently, the Turnkey team consists of 35 people, and, as reported by Fortune, the company continues to incur losses. However, according to the co-founder, over the past year, the volume of transactions processed through their platform has increased 200 times. This indicates a growing demand for the solutions offered by Turnkey.
The service allows you to quickly and securely integrate the functionality of crypto wallets into various digital products. Among the company's clients are such well-known players as Polymarket, Magic Eden and Bridge, which confirms the demand for its technologies in the market.
Thus, Turnkey continues to strengthen its position amid growing interest in convenient and accessible crypto instruments. The new investment will help the company scale its solutions and meet demand from developers around the world.
