The Turkish company Turnkey, which specializes in developing infrastructure for cryptocurrency wallets, has successfully completed a Series B funding round, raising $30 million. The main investor was Bain Capital Crypto, with participation from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute, and Variant. Some of these investors had previously supported the company.
This is reported by Бізнес • Медіа
Investment Goals and Future Development of Turnkey
The funds raised will be directed towards expanding the workforce, with a particular focus on increasing the engineering team. Currently, the company employs 35 people, but management plans to significantly enhance its staffing capacity to further develop innovative solutions in the field of crypto wallets.
Turnkey was founded in 2022 by Bryce Ferguson and Jack Kearney, who previously worked at Coinbase. The company’s main mission is to help developers create simple and user-friendly cryptocurrency wallets through APIs.
Details of the New Round and Company Achievements
The new funding round is structured as an agreement involving equity and token warrants; however, as Ferguson emphasized, the company does not plan to launch its own token. The previous Series A round was closed in April 2024, during which Turnkey raised $15 million.
“The project is currently operating at a loss. However, he noted that over the past year, the number of processed transactions has increased by 200 times.”
The company offers clients tools for quickly creating ready-made crypto wallets. Among its clients are already well-known platforms such as Polymarket, Magic Eden, and Bridge. It is noted that Turnkey continues to demonstrate rapid growth in demand for its services, as evidenced by a significant increase in the number of transactions over the past year.