Latest news with #Turnkey
Finextra
a day ago
- Business
- Finextra
Crypto infrastructure platform Turnkey raises $30 million
Turnkey, a leading provider of secure, flexible, and scalable crypto wallet infrastructure, today announced $30 million in Series B funding, bringing the company's total funding to more than $50 million. 0 Bain Capital Crypto led the round, with participation from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant. Since launching in 2022, Turnkey has become the engine behind millions of onchain transactions, enabling developers to embed secure, scalable wallets directly into their products. Its customers include Bridge (a Stripe company), Magic Eden, World, Alchemy, Polymarket, and more. 'Usability and security issues with crypto wallets have held back crypto adoption," said Bryce Ferguson, CEO and co-founder of Turnkey. "If you want people outside of tech enthusiasts to use crypto, you need to make crypto wallets as easy and secure as popular payments apps like Venmo or CashApp. That's what we're focused on at Turnkey: building infrastructure for the best possible crypto wallet user experience, and powering the adoption of crypto for generations to come." Fintech and crypto companies globally have adopted Turnkey's programmable crypto infrastructure. Developers can use Turnkey's API and open-source SDKs to integrate crypto wallets into their apps, automate complex signing workflows at scale, and implement granular policy controls. Turnkey's core technology differentiator lies in offering the first verifiable key management system of its kind, as detailed in the company's 2025 white paper. Turnkey has raised its Series B funding after achieving a number of technological and business milestones, including: • Onboarding customers across DeFi and trading, developer tooling, payments, and consumer applications. Scaling the number of signed transactions across Turnkey embedded wallets to millions weekly. • Open sourcing QuorumOS, the operating system for Turnkey's end-to-end verifiable computing environment. • Launching dynamic wallet infrastructure for AI agents using trusted execution environments. "In the three years since launching, Turnkey has become an industry-leading solution for creating embedded wallets, signing transactions, and automating onchain actions," said Stefan Cohen, Partner at Bain Capital Crypto. 'Many of the world's fastest-growing crypto and fintech companies are now using Turnkey because its key management platform offers the most secure and scalable way to incorporate critical crypto infrastructure into their products — from adding non-custodial wallets to enabling fast transaction signing and automating complex signing workflows. We look forward to working with the Turnkey team as they scale significantly in the years ahead." 'Turnkey is a trusted infrastructure technology partner to Polymarket,' said Mike Shrieve, Head of Research at Polymarket. 'As the world's largest prediction market with millions of dollars in daily USDC volume, we're building for scale and longevity. Turnkey's flexible key management infrastructure gives us the foundation to grow confidently and securely.' With this new funding, Turnkey will grow its team across engineering, product, marketing, sales, and operations as it expands its global presence. To learn more about joining a team with over 100 years of combined experience in cryptography, security, and low-level systems, visit Turnkey Careers. Additionally, Turnkey will continue to enhance and expand its embedded wallets and onchain automation solutions, as well as invest in open sourcing additional components of its operating system.
Yahoo
a day ago
- Business
- Yahoo
Exclusive: Coinbase vets raise $30 million for crypto wallet startup Turnkey
Crypto infrastructure companies were all the rage during the last crypto bear market in 2022 and 2023. Investors threw millions at startups that promised to make the development of crypto applications less clunky and more user-friendly. While some firms have quietly closed up shop, others have now matured—and are raking in new rounds of capital. That includes New York-based Turnkey. Founded in 2022, Turnkey creates low-level infrastructure for digital wallets where users store and manage their cryptocurrency. On Monday, the startup announced that it had raised $30 million in a Series B funding round led by Bain Capital Crypto. Other investors included Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute, and Variant. CEO and cofounder Bryce Ferguson said Turnkey's appeal lies in its ability to add and streamline advanced features to wallets. '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,' he added. Like many crypto startup founders, Ferguson and his cofounder, Jack Kearney, are alumni of Coinbase, the U.S.'s largest crypto exchange, and worked at the company's division dedicated to holding assets for big institutional investors, like Bitcoin. After Ferguson left Coinbase in 2021 and started a job as leader of the crypto division of Trade Republic, a broker based out of Berlin, he realized there were 'a lot of rough edges' around the infrastructure that companies use to hold their crypto. So, he teamed up with his former colleague Kearney, who was then working for the vaunted crypto VC Polychain, to launch Turnkey. The company offers APIs, or application programming interfaces, where developers can plug into the startup's software to easily create and manage crypto wallets for their users. Many well-known firms in the crypto industry use Turnkey's product, including the prediction market platform Polymarket, the NFT marketplace Magic Eden, and Bridge, the stablecoin startup recently acquired by fintech giant Stripe. The startup's competitors include crypto infrastructure companies like Fireblocks as well as Privy, another company that lets companies easily create and manage users' crypto wallets. Still, Ferguson says business is booming. Over the past year, the number of transactions it's processed has increased 200 times over. And while his startup is not in the black, it does 'have a clear path to profitability,' he said. Investors in the round received stock as well as token warrants, or promised allocations of a yet-be-released cryptocurrency. Ferguson, however, said his startup has no plans to launch its own cryptocurrency and the warrants are common additions to most crypto deals. He and his cofounder plan to use the new injection of cash to grow his staff of currently 35 employees, especially his engineering team. 'Most of the UX [user experience] challenges that people have talked about over the past five years in crypto have been solved,' he said. 'Ultimately, the building blocks are there.' This story was originally featured on
Yahoo
a day ago
- Business
- Yahoo
Coinbase Alum-Founded Turnkey Raises $30M Series B to Grow Engineering Team
Crypto wallet infrastructure company Turnkey has raised $30 million in Series B funding led by Bain Capital Crypto. Turnkey, which was co-founded by former Coinbase employees Bryce Ferguson and Jack Kearney, aims to help developers build user-friendly wallets using application programming interfaces (APIs). This can help wallets become more streamlined and easy to use, according to Ferguson. "If you want people outside of tech enthusiasts to use crypto, you need to make crypto wallets as easy and secure as popular payments apps like Venmo or CashApp," he said in an emailed comment. The company counts prediction market platform Polymarket, non-fungible token (NFT) marketplace Magic Eden and Stripe-owned stablecoin firm Bridge among its clients. The funding also included contributions from Lightspeed Faction and Galaxy Ventures, who led Turnkey's $15 million Series A in April 2024. Turnkey will use its new capital to grows its headcount, which currently sits at 35 employees. Turnkey is looking to expand its engineering, product, go-to-market and operations teams, according to a blog post on The news was reported earlier by Fortune.
Yahoo
21-05-2025
- Business
- Yahoo
True Markets Raises $11M in Series A, Launches Mobile-First DeFi Trading App on Solana
True Markets, a new decentralized finance (DeFi) trading platform focused on stablecoin-native execution, has launched its mobile app on Solana and closed an $11 million Series A, bringing total funding to $20 million, the company said in a press release Tuesday. The funding round was co-led by Accomplice and RRE Ventures, with participation from Reciprocal Ventures, Variant Fund, and PayPal Ventures. Seed investors Paxos Ventures and the Solana Foundation, continue to support the firm, True Markets said. Founded by Coinbase (COIN) and Circle veterans Vishal Gupta and Patrick McCreary, True Markets aims to deliver a non-custodial, mobile-first DeFi trading experience for retail users, prioritizing speed, simplicity, and transparency. The app enables stablecoin-powered token trading on Solana, with gasless execution, smart order routing, and embedded key management via Turnkey, all without users surrendering custody of funds, True Markets said. 'Retail traders have been stuck with clunky workflows, unclear pricing, and fragmented liquidity," said Vishal Gupta, CEO of True Markets, in the release. "Our goal is to deliver a fairer and more transparent experience that makes asset discovery simple, shows real-time market momentum, and feels as intuitive as the best apps on your phone," Gupta added. Backed by infrastructure partners Turnkey and Definitive, the app features real-time market sparklines, automated execution across decentralized venues, and hosted wallets that support immediate funding and trading within a non-custodial framework. True Markets said it plans to expand into both CeFi and DeFi markets, with future integrations including TrueX, a centralized exchange designed for institutional liquidity and qualified custody. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
