Turnkey has raised $30 million in Series B funding to accelerate its mission of building open, secure, and developer-first crypto infrastructure. The round was led by Bain Capital Crypto and included participation from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant.
With this latest round, Turnkey’s total funding now exceeds $50 million. The capital will help the company scale its infrastructure, expand its engineering and product teams, and continue investing in open-source technology that underpins secure, scalable crypto applications.
As the boundaries between traditional finance and crypto continue to dissolve, there’s growing demand for infrastructure that’s secure, composable, and easy to integrate. Giants like Stripe, Robinhood, and PayPal have started rolling out stablecoin-based services, signaling a broader transition toward crypto-native financial systems.
Turnkey aims to be the backbone of this transition by replacing outdated custodial systems with verifiable, modular, and scalable primitives that allow developers to build innovative crypto apps without compromise.
Turnkey plans to use the fresh capital to grow its teams across engineering, product, go-to-market, and operations. A major focus will be continuing to support high-scale use cases in DeFi, payments, embedded wallets, and AI-driven automation.
The company will also double down on open-source efforts. Following the release of QuorumOS, Turnkey’s verifiable operating system, more components of its infrastructure are expected to be made publicly available.
Founded three years ago by Bryce Ferguson, Turnkey emerged from a clear industry need: accessible and programmable crypto infrastructure built for developers. Ferguson, who previously worked at Coinbase Custody, witnessed firsthand how legacy systems limited innovation.
Turnkey now powers over 50 million embedded wallets and signs millions of transactions per week. Its architecture—backed by Trusted Execution Environments (TEEs)—enables developers to launch secure, real-world crypto applications with low latency, customizable APIs, and no need for seed phrases or extensions.
Turnkey’s infrastructure supports a growing list of industry leaders, including Bridge (a Stripe company), Magic Eden, Alchemy, and Moonshot. These companies rely on Turnkey to manage digital assets securely while offering intuitive user experiences and robust scalability.
This round's backers, including Bain Capital Crypto, Sequoia Capital, and Lightspeed Faction, bring deep experience in scaling technology companies. Their continued support strengthens Turnkey’s position as a foundational player in the evolving crypto landscape.
