$30M Series B to secure the next era of crypto

The moment

The inflection point is here: the lines between traditional finance and crypto are blurring.

Stripe supports stablecoin payouts. Robinhood has launched its own non-custodial wallet. PayPal is rolling out its own stablecoin. These are not fringe experiments but signals that the biggest players in fintech see where the world is going. Crypto is rapidly deplatforming our closed financial infrastructure to enable faster, cheaper, and more efficient payments, trading, and lending. In the next five years, our financial system will be run on crypto. 

The playbook of walled gardens, black-box custody, and siloed APIs slow innovation and create needless friction. To create a truly open financial system, developers need trustless primitives they can build on, verify, and scale with confidence.

In the long run, open systems always win. Open systems outcompete closed ones because they evolve faster, are more composable, and empower the people actually building the future. The internet didn’t hit scale because of isolated ecosystems like AOL or CompuServe. It took off because of trustless primitives. Crypto is the same.

$30M to build the foundation for that future

Three years ago, we started Turnkey with a simple but ambitious goal: create the open infrastructure layer for crypto. That means secure, scalable, and developer-friendly key management designed from the ground up to empower builders.

In 2022, developers were held back by closed systems. I saw it firsthand at Coinbase Custody. As we scaled the business to over $100B in assets, we often saw builders try to paint outside the lines on our infrastructure and build novel products. But time and time again, they would run into roadblocks. Old school custodial infrastructure might be great for buy-and-hold use cases, but it’s not the right tool for at-scale, crypto-native applications. That legacy approach limits developers at every step of their journey with out-of-date APIs, poor asset & transaction support, compliance bottlenecks, and lackluster scalability. 

We knew that the industry required something better: programmable, open, and verifiable primitives that could support real-world use cases without compromise. So, we founded Turnkey to fill this gap.

Today, I’m proud to share that we’ve raised $30 million in Series B funding led by Bain Capital Crypto. With additional support from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant, this brings our total funding to over $50 million, and more importantly, it reinforces our belief in a future built on open infrastructure.

What we’re solving

At Turnkey, we believe that verifiable key management infrastructure is the foundation for innovation in crypto applications. To create a world where every developer can easily and securely build stablecoin apps, DeFi terminals, or onchain AI agents, we need infrastructure that is:

• Accessible for developers and users alike: Powerful infrastructure shouldn’t come at the cost of usability. Turnkey makes it easy for developers to integrate secure key management, while delivering intuitive experiences — no wallets, extensions, or seed phrases required.
• Secure by default, verifiable by design: Crypto builders shouldn’t have to blindly trust their infrastructure. Backed by Trusted Execution Environments (TEEs), Turnkey’s cryptographically verifiable architecture ensures sensitive processes are isolated and remotely attestable.
• Programmable and modular: Developers shouldn’t be boxed in. We designed Turnkey’s APIs to be flexible, letting builders customize authentication flows, access policies, user interfaces and signature logic.
• Blazingly fast and infinitely scalable: Open infrastructure must be ready for global scale. That means supporting billions of users and transactions with low latency and high reliability.

This isn’t theoretical. Today, we power over 50 million embedded wallets and sign millions of transactions every week across applications in DeFi, payments, developer tooling, and consumer apps – including emerging use cases like autonomous agents and AI-driven automation. 

Milestones that matter

We’ve come a long way in just a few years:

• Billions in assets secured: Our infrastructure protects high-value assets and enables automation of complex onchain actions across multiple blockchains.
• Millions of transactions weekly: With our embedded wallets and policy engine, our customers handle peak traffic and scale seamlessly.
• Open sourcing core infrastructure: We released QuorumOS, our verifiable operating system for secure computing environments, to the public, and there’s more to come. 

But what I’m most proud of is how our infrastructure is quietly powering open finance in the real world. Our customers, including the likes of Bridge, Magic Eden, Alchemy, and Moonshot, have built the industry’s most novel onchain solutions on top of our open infrastructure. 

This is exactly what we envisioned: empowering builders to create the next generation of crypto products for people who have never touched a seed phrase.

Where We’re Headed

This new funding will help us double down on our mission to lay the foundation for development in crypto. We’re scaling our team across engineering, product, go-to-market, and operations. We’re investing in more open source, deeper integrations, and more modular infrastructure for payments, AI agents, DeFi, and more.

We’re not just building tools, we’re building the infrastructure that lets crypto evolve the way the internet did: openly, collaboratively, and at scale. We’re powering a future where developers are supported, users are protected, and onchain apps supplant current legacy systems.

We’re still early. Less than 10% of the global population uses crypto today, and the infrastructure reflects that. But the foundations we lay now will shape the next decade of digital finance.

The future of finance is open.