Coinbase Alum-Founded Turnkey Raises $30M Series B to Grow Engineering Team

Turnkey, a cryptocurrency wallet infrastructure company co-founded by former Coinbase employees Bryce Ferguson and Jack Kearney, has secured $30 million in Series B funding. This round, led by Bain Capital Crypto, also saw participation from Lightspeed Faction and Galaxy Ventures, the latter having led Turnkey’s $15 million Series A round in April 2024.

The funding underscores the growing demand for user-friendly cryptocurrency wallets. Turnkey’s platform provides application programming interfaces (APIs) designed to simplify the development process, enabling developers to create more intuitive and accessible wallets. This approach directly addresses a key challenge in the broader cryptocurrency adoption: the often-complex and technically demanding nature of existing wallet solutions.

Ferguson highlights the necessity of bridging this usability gap: “If you want people outside of tech enthusiasts to use crypto, you need to make crypto wallets as easy and secure as popular payments apps like Venmo or CashApp.” This statement reflects Turnkey’s mission to make cryptocurrency accessible to a wider audience by mirroring the user-friendliness of established payment platforms.

Turnkey’s client roster already includes prominent players in the cryptocurrency ecosystem. These clients demonstrate the platform’s versatility and market acceptance. They encompass prediction market platform Polymarket, non-fungible token (NFT) marketplace Magic Eden, and Bridge, a stablecoin firm owned by Stripe. This diverse range of clients showcases the broad applicability of Turnkey’s technology across various segments of the crypto market.

The newly acquired capital will be instrumental in fueling Turnkey’s growth. The company plans to significantly expand its team, currently comprising 35 employees. This expansion will focus on key areas including engineering, product development, go-to-market strategies, and operations. These strategic investments indicate Turnkey’s commitment to scaling its operations and solidifying its position as a leading provider of cryptocurrency wallet infrastructure. The expansion plans were announced in a company blog post, and the funding news was previously reported by Fortune.