Coinbase Alum-Founded Turnkey Raises $30M Series B to Grow Engineering Team: Report
Turnkey, a crypto wallet infrastructure company co-founded by former Coinbase employees Bryce Ferguson and Jack Kearney, has secured $30 million in Series B funding. This round was spearheaded by Bain Capital Crypto, with participation from Lightspeed Faction and Galaxy Ventures – the latter two having also led Turnkey’s $15 million Series A round in April 2024.
The funding underscores the growing demand for streamlined and user-friendly cryptocurrency wallets. Turnkey’s focus is on providing developers with robust application programming interfaces (APIs) to simplify the wallet development process. This approach aims to transition the industry away from slow, cumbersome systems traditionally associated with crypto buying and holding, towards high-throughput, machine-based transactions, according to Ferguson.
Turnkey’s client roster already includes prominent players in the crypto space, showcasing the company’s traction and market acceptance. These clients include Polymarket, a prediction market platform; Magic Eden, a prominent NFT marketplace; and Bridge, the Stripe-owned stablecoin firm. This diverse clientele highlights the versatility and applicability of Turnkey’s infrastructure across various sectors within the crypto ecosystem.
The newly acquired capital will primarily be allocated to expanding Turnkey’s workforce, currently standing at 35 employees. The company intends to significantly bolster its engineering team, accelerating the development and improvement of its APIs and overall infrastructure. This strategic investment in human capital reflects Turnkey’s commitment to maintaining its technological edge and further solidifying its position as a leader in crypto wallet infrastructure.
This Series B funding round represents a significant milestone for Turnkey, validating its innovative approach to wallet development and its potential to reshape the user experience within the cryptocurrency space. The company’s impressive client base and ambitious growth plans suggest a promising trajectory for future development and market influence. The infusion of capital will likely enable Turnkey to further refine its offerings, attract additional clients, and solidify its role in shaping the future of crypto wallet technology.
