Turnkey, a crypto infrastructure company founded by former Coinbase custody builders in 2022, has raised $30 million in a Series B round. Bain Capital Crypto led the round, and Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures also participated. This brings Turnkey’s total funding to over $50 million.
The funds will be used to expand the team and enhance the infrastructure. Specifically, it will focus on the development of modular infrastructure for payments, AI agents, and decentralized finance. Turnkey specializes in providing wallet infrastructure, enabling embedded wallets that eliminate the need to rely on phishable seed phrases. Its clients include prediction market platform Polymarket, NFT marketplace Magic Eden, and Web3 development platform Alchemy.
Turnkey aims to create an “open infrastructure layer” for crypto, which it believes will help the industry evolve similarly to the internet. It supports over 50 million wallets and has open – sourced its secure operating system, QuorumOS. The company aims to simplify key management and enable scalable, developer – friendly crypto – financial applications.
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