Listen to this article
Turnkey has raised $30 million in Series B funding to expand its developer-first infrastructure for secure, programmable crypto wallets. Backed by leading investors like Bain Capital Crypto and Sequoia, the company supports over 50 million embedded wallets and millions of weekly transactions. Its focus is on providing modular, verifiable key management tools that help developers build scalable onchain applications.
Why VCs Are Doubling Down on Crypto Infrastructure in 2025
Major fintech players have begun embracing crypto functionality as a core component of their offerings. Stripe now supports stablecoin payouts, Robinhood has introduced a non-custodial wallet, and PayPal is launching its own stablecoin. These moves indicate a significant shift: crypto is transitioning from a fringe ecosystem to a foundational layer for financial infrastructure.
This shift highlights the need for trustless, composable primitives that developers can build on and scale. Traditional financial systems, built on siloed APIs and centralized custody models, create barriers to rapid innovation. Open systems, historically more adaptive and collaborative, are starting to outpace their closed counterparts in terms of development and user empowerment.
Turnkey’s Big Bet: Building the Backbone for Onchain Applications
Turnkey was founded with a specific objective: to develop a secure, scalable, and developer-friendly infrastructure layer for crypto. The founders identified a growing problem — legacy custodial systems were impeding the development of crypto-native applications. While leading Coinbase Custody’s growth to over $100 billion in assets, Turnkey’s CEO observed that developers frequently ran into limitations when building beyond predefined use cases.
Traditional custody systems are not designed for dynamic, programmable crypto workflows. Their shortcomings include:
- Outdated APIs
- Limited support for assets and transactions
- Bottlenecks in compliance
- Scalability challenges
Turnkey’s infrastructure focuses on creating programmable and verifiable components tailored for developers working on stablecoin apps, DeFi tools, or onchain automation.
What $30M Buys: Scaling Secure Wallet Infrastructure for Billions
The company has raised $30 million in Series B funding, led by Bain Capital Crypto, with participation from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Wintermute Ventures, and Variant. This brings Turnkey’s total funding to over $50 million.
This capital will support multiple areas of expansion:
- Growing engineering, product, operations, and go-to-market teams
- Expanding open-source contributions
- Enhancing integrations and partnerships
- Improving modularity for use in AI agents, DeFi applications, and payment systems
Turnkey is investing in the long-term reliability and adaptability of its infrastructure to meet the increasing demands of crypto’s evolving application layer.
Who’s Backing the Vision: Meet the Investors Behind the Deal
The funding round was led by Bain Capital Crypto. Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Wintermute Ventures, and Variant also joined.
These firms bring both capital and strategic alignment with the goal of supporting open, developer-first systems. Their involvement reflects confidence in Turnkey’s direction and in the broader trend of programmable infrastructure becoming essential to crypto’s adoption.
Recommended: Creatify Raises $15.5M To Power AI-Driven Video Ads That Help Marketers Create Faster And Perform Smarter
From 50M Wallets to Millions of Weekly Transactions: A Snapshot of Turnkey’s Momentum
Turnkey’s infrastructure currently supports over 50 million embedded wallets. These wallets process millions of transactions every week across DeFi, payments, developer tools, and consumer applications.
Notable use cases include:
- Developer tooling platforms
- Autonomous onchain agents
- AI-powered transaction automation
- Consumer crypto apps requiring secure and scalable key management
Turnkey’s infrastructure secures billions in assets and facilitates automated onchain operations across multiple blockchain environments. The company has also open-sourced QuorumOS, its verifiable operating system for trusted computing environments, to support community adoption and transparency.
How Developers Get More Control Without Sacrificing Security
Turnkey’s system prioritizes verifiability and flexibility while maintaining robust security standards. The architecture is built on Trusted Execution Environments (TEEs), allowing sensitive processes to run in isolated, attestable conditions.
Key features of Turnkey’s platform include:
- Cryptographically verifiable infrastructure
- API modularity, enabling custom flows for authentication, signatures, and UI
- Policy-driven access control
- No need for wallets, browser extensions, or seed phrases for end users
This approach enables builders to integrate secure wallets without compromising on usability or control. Developers are able to implement their own logic while ensuring that critical actions remain tamper-proof.
Why the Future of Finance Runs on Open Infrastructure
Turnkey’s vision centers on building infrastructure that supports crypto-native applications at scale, enabling developers and users to move beyond the limitations of centralized systems.
While less than 10% of the global population currently uses crypto, the foundational layers being developed now will influence the trajectory of finance over the next decade. Turnkey’s platform is already being used by companies such as Bridge, Magic Eden, Alchemy, and Moonshot to build applications that operate without reliance on traditional custody models.
The shift to open systems continues to accelerate, and Turnkey is positioning its infrastructure to support the next era of scalable, developer-first financial applications.
Please email us your feedback and news tips at hello(at)dailycompanynews.com
