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June 9, 2025 – Turnkey, the leading provider of secure, flexible, and scalable private key management infrastructure, today announced it has successfully closed a $30 million Series B funding round led by Bain Capital Crypto. This latest investment brings Turnkey’s total funding to over $50 million, reinforcing its mission to build the foundational open infrastructure layer for the rapidly evolving crypto economy.
The Series B round saw significant participation from a strong syndicate of investors, including Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant. This robust backing underscores the growing recognition of Turnkey's critical role in enabling the next generation of crypto applications by providing trustless, programmable, and verifiable primitives.
"The inflection point is here: the lines between traditional finance and crypto are blurring," said Bryce Ferguson, Co-Founder & CEO of Turnkey. "To create a truly open financial system, developers need trustless primitives they can build on, verify, and scale with confidence. We’re not just building tools, we’re building the infrastructure that lets crypto evolve the way the internet did: openly, collaboratively, and at scale. The future of finance is open."
Turnkey is at the forefront of abstracting away the complexities of private key management, offering simple APIs that empower developers to securely generate wallets and sign transactions across any blockchain. Its innovative platform is designed to overcome the limitations of legacy custodial infrastructure, which often hinders innovation with outdated APIs, poor asset support, and scalability challenges.
Key features of Turnkey’s cutting-edge infrastructure include:
- Embedded Wallets: Seamlessly integrate secure, non-custodial wallets directly into applications, enhancing user conversion and experience.
- Transaction Automation: Automate even the most complex onchain actions with flexible, programmable permissions.
- Policy Engine: Implement granular policies to set transaction limits, scope user permissions, and bolster operational security.
- Cryptographic Security: Built from first principles, Turnkey’s infrastructure is non-custodial, enterprise-grade (developed by veterans from Coinbase Custody), and secured by Trusted Execution Environments (TEEs), ensuring sensitive processes are isolated and verifiable.
- Scalability & Performance: Designed for global scale, supporting millions of transactions weekly with low latency (50-100ms) and 99.9% uptime.
- Multichain Support: Chain-agnostic capabilities for arbitrary signing across any blockchain or asset.
In just three years, Turnkey has achieved remarkable milestones, quietly powering open finance in the real world. The platform currently supports over 50 million embedded wallets, processes millions of transactions weekly, and secures billions in assets across a diverse range of applications in DeFi, payments, developer tooling, and consumer apps. Its infrastructure is also enabling emerging use cases like autonomous agents and AI-driven automation for customers including Bridge, Magic Eden, Alchemy, and Moonshot. Turnkey has also demonstrated its commitment to open infrastructure by open-sourcing core components like QuorumOS, its verifiable operating system for secure computing environments.
The new Series B funding will be strategically deployed to accelerate Turnkey’s mission. The company plans to significantly scale its team across engineering, product, go-to-market, and operations. Furthermore, Turnkey will invest heavily in open-source initiatives, deeper integrations, and more modular infrastructure tailored for critical growth areas such as payments, AI agents, and DeFi.
Turnkey’s commitment to verifiable and open infrastructure, backed by rigorous audits from firms like Cure53, Trail of Bits, and Zellic, positions it as a trusted partner for builders navigating the complexities of the crypto landscape.
About Turnkey:
Turnkey provides secure, flexible, and scalable private key management infrastructure via simple APIs, empowering developers to build the next generation of crypto applications. With a focus on embedded wallets, transaction automation, and cryptographic security, Turnkey is building the foundational open infrastructure layer for a future where every developer can easily and securely build onchain.
About Bain Capital Crypto:
Bain Capital Crypto is a dedicated fund by Bain Capital, investing in the blockchain and cryptocurrency ecosystem across all stages and layers of the stack.
Compiled by CMO Intern team
