Turnkey, a walletless crypto wallet platform for developers and their applications, recently announced a $30 million Series B round. The company was co-founded by former Coinbase employees Bryce Ferguson and Jack Kearney. The round was led by Bain Capital Crypto, with Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute, and Variant participating. Turnkey’s technology is already powering some of the most well-known platforms of today, such as Polymarket, Magic Eden, and Bridge.
Turnkey’s promise is taking complicated and high-value features to easily bolster and simplify Web3 wallets. CEO Bryce Ferguson highlighted the progress made in addressing user experience challenges within the crypto space over the past few years.
"Most of the UX challenges that people have talked about over the past five years in crypto have been solved," - Bryce Ferguson
The company’s technology meets the growing digital asset space’s needs, supporting high-throughput, machine-to-machine transactions.
"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," - Bryce Ferguson
Co-founders Bryce Ferguson and Jack Kearney are both Coinbase alumni, as is Turnkey advisor Kani O. Liu. They wanted to address the growing need for safe, convenient crypto wallet services. Their platform has become the de facto standard within the industry, generating big name clients such as Polymarket, Magic Eden, and Bridge.
The Series B funding was led by Bain Capital Crypto. This shift emphasizes the increasing faith investors have in Turnkey’s mission, vision and technology. Turnkey has notable backing from leading firms including Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute and Variant. This support places Turnkey in a strong position to grow their product offerings and expand their market reach.
