- Turnkey raised 30 million in a Series B funding round
- Plans to expand team from 35 to 60 employees
- Clients include Magic Eden and Polymarket
Turnkey is a crypto infrastructure company focused on simplifying the process of creating and managing digital wallets. Founded in 2022 by two former Coinbase employees, the company offers APIs that developers can use to build wallet features into their applications. In April 2025, Turnkey raised $30 million in a Series B round led by Bain Capital Crypto, with participation from several other firms. The platform is used by companies such as Magic Eden and Polymarket. Turnkey processes a growing number of transactions and plans to expand its engineering team. The company does not currently operate at a profit but aims to reach it over time.
The Rise of Next-Gen Crypto Wallet Infrastructure
During 2022 and 2023, developers and investors alike sought solutions to the “clunky” interfaces and slow throughput that characterized early crypto wallets. Millions of dollars flowed into ventures promising to abstract away the technical hurdles of blockchain interactions. While some of those firms faded quietly, others matured into robust platforms capable of handling high-volume, machine-driven transactions. These next-generation systems now underpin services ranging from decentralized finance (DeFi) applications to non-fungible token (NFT) marketplaces, enabling developers to integrate wallet functions without building low-level plumbing from scratch.
Turnkey Breakthrough $30 Million Series B Funding
In April 2025, Turnkey announced a $30 million Series B round led by Bain Capital Crypto, marking a significant vote of confidence in its approach to wallet infrastructure. This funding infusion follows earlier support from heavyweights such as Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute, and Variant. Investors received equity alongside token warrants—contingent allocations of a future cryptocurrency—though Turnkey’s leadership has made clear there are no plans to launch a proprietary token. Instead, this capital is earmarked for product enhancements and talent acquisition to broaden the company’s engineering team beyond its current headcount of 35.
Founding Vision and Leadership
Turnkey was founded in mid-2022 by Bryce Ferguson and Jack Kearney, both veterans of high-profile crypto roles. Ferguson spent several years at Coinbase’s institutional custody division before leading the crypto arm of Berlin-based broker Trade Republic. In that role, he encountered “rough edges” in the systems used to hold and move assets. Kearney, meanwhile, built expertise at Polychain Capital, one of the earliest crypto-focused venture firms. Together, they envisioned a platform offering modular building blocks—APIs—to help any developer spin up wallets with advanced features like batch signing, multi-chain support, and compliance hooks.
Streamlining Crypto Wallet User Experience
According to CEO Bryce Ferguson, the platform’s core differentiator lies in streamlining what were once slow, manual processes into automated, high-throughput workflows. “We’re moving from systems designed only for buying and holding crypto to frameworks that support machine-based transactions at scale,” he said. This emphasis on performance has seen the number of transactions processed on the platform grow by a factor of 200 over the past twelve months, underscoring demand for infrastructure that can meet institutional volumes without sacrificing reliability or security.
Turnkey API Ecosystem and Key Integrations
At the heart of the service is a suite of RESTful and WebSocket APIs allowing developers to integrate wallet creation, transaction signing, and asset transfers into any front-end application. Major clients already include Polymarket, the prediction market; Magic Eden, a leading NFT marketplace; and Bridge, the stablecoin startup acquired by Stripe in late 2024. Each integration showcases how the platform handles diverse use cases—from real-time order execution to custodial compliance—without forcing teams to build or maintain their own wallet backends.
Competitive Landscape: Positioning Against Fireblocks and Privy
Turnkey competes with established infrastructure names like Fireblocks, which focuses on secure asset transfer with MPC (multi-party computation), and Privy, known for its wallet orchestration tools. While Fireblocks offers a robust security-first approach and Privy emphasizes simplicity for Web3 apps, Turnkey’s founders argue that its low-level API model strikes the right balance between developer flexibility and operational performance. By exposing granular controls over gas fees, transaction batching, and on-chain indexing, the platform aims to serve both lean startups and larger financial institutions.
Turnkey expands engineering team and scales transactions
With new capital secured, Turnkey plans to expand its engineering staff from 35 to upwards of 60 within the next year, hiring specialists in blockchain protocol development, front-end integration, and DevOps. This hiring push parallels its rapid operational growth: in Q1 2025 alone, transaction volume spiked 50-fold compared to the same period in 2024. Although the company is not yet profitable, leadership maintains that its clear path to breakeven depends on achieving economies of scale as more partners shift wallet operations to a managed API service rather than maintaining bespoke infrastructure.
Conclusion
As the crypto sector evolves beyond speculative trading toward enterprise-grade use cases, infrastructure providers must offer both performance and flexibility. By combining deep industry experience with a modular API approach, the team behind Turnkey has positioned itself to capture a growing share of wallet orchestration services. With $30 million in fresh funding, a roster of high-profile backers, and a client list that spans prediction markets, NFT platforms, and stablecoin issuers, the company is well-placed to continue its rapid growth and guide developers through a more streamlined on-chain experience.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
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