Turnkey Raises $15 Million in Series A Funding to Build User-Friendly Blockchain Wallet Infrastructure
Turnkey, a company specializing in building wallet infrastructure for blockchain developers, has secured $15 million in a Series A funding round led by Lightspeed Faction and Galaxy Ventures. Co-founded by former Coinbase employees, Turnkey aims to provide application developers with user-friendly blockchain wallets.
The funding round, announced on Tuesday, saw participation from Sequoia, Coinbase Ventures, Alchemy, Figment Capital, and Mirana Ventures. This round follows a successful $7.5 million seed round in 2022.
CEO Bryce Ferguson described Turnkey as “secure, flexible, and scalable wallet infrastructure” that offers developers a set of tools for building wallets and handling cryptographic transactions. The company’s product suite was released to the public in August, with a focus on providing custodians the ability to offer end-users more flexibility in managing their assets.
One of Turnkey’s major clients is Alchemy, a blockchain development platform used by top crypto applications, which relies on Turnkey to power its “wallet-as-a-service” offering. Other clients include enterprise-focused wallets like Mural, as well as financial firms using Turnkey for embedded wallets in trading terminals.
Ferguson emphasized that Turnkey’s wallet infrastructure is built from the ground up, allowing users to generate cryptographic key pairs and access tools for managing transactions. The company’s goal is to provide a comprehensive solution for developers looking to create secure and user-friendly blockchain wallets.
With the support of Lightspeed Faction, Galaxy Ventures, and other prominent investors, Turnkey is poised to continue its growth and innovation in the blockchain wallet infrastructure space.
