Turnkey, Founded by Former Coinbase Employees, Secures $30M in Series B Funding to Expand Engineering Team: Report

Crypto wallet infrastructure company Turnkey has raised $30 million in Series B funding led by Bain Capital Crypto, as reported on Monday. Turnkey, co-founded by former Coinbase employees Bryce Ferguson and Jack Kearney, aims to assist developers in building user-friendly wallets using application programming interfaces (APIs). This approach is designed to make wallets more streamlined and accessible. Ferguson noted, “We’re moving from this world of these slow, clunky systems that were designed for buying and holding crypto to very high throughput, machine-based transactions.”

The company lists among its clients the prediction market platform Polymarket, the non-fungible token (NFT) marketplace Magic Eden, and Stripe-owned stablecoin firm Bridge. The funding round also featured contributions from Lightspeed Faction and Galaxy Ventures, who previously led Turnkey’s $15 million Series A in April 2024.

Turnkey plans to use its new capital to expand its team, currently comprising 35 employees, with a particular focus on growing its engineering department. The company did not immediately respond to requests for further comment from industry sources.