Turnkey Raises $15 Million in Series A Funding for Blockchain Wallet Infrastructure
Turnkey, a company specializing in building wallet infrastructure for blockchain developers, has recently secured $15 million in a Series A funding round led by Lightspeed Faction and Galaxy Ventures. Co-founded by former Coinbase employees who played a key role in developing the U.S. crypto exchange’s custody service, Turnkey is focused on assisting application developers in creating user-friendly blockchain wallets.
The funding round, which was officially announced on Tuesday, saw participation from prominent investors such as 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 provides developers with a comprehensive set of tools for building wallets and handling cryptographic transactions. The company’s goal is to empower custodians to offer end-users more flexibility in managing their assets, moving away from the traditional “buy-and-hold” approach to cryptocurrency.
Turnkey’s product suite was made available to the public in August, with a focus on serving a wide range of clients including Alchemy, a blockchain development platform utilized by top crypto applications. Alchemy leverages Turnkey to power its “wallet-as-a-service” offering, enabling seamless transaction signing for users.
In addition to Alchemy, Turnkey caters to enterprise-focused wallets like Mural, which specializes in global payments and invoicing. The company also serves financial firms, providing embedded wallets for trading terminals.
Ferguson emphasized that Turnkey’s wallet infrastructure is built from the ground up, offering a unique approach compared to existing wallet solutions like MetaMask. The company’s toolkit enables the generation of cryptographic key pairs and provides advanced tooling for accessing and managing these keys.
With a strong focus on security, flexibility, and user-friendliness, Turnkey is poised to make a significant impact in the blockchain development space, offering innovative solutions for developers and businesses alike.
