On Monday, the firm’s boss Bryce Ferguson disclosed that Bain Capital Crypto led the investment. Additional participants in Turnkey‘s funding included Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Variant, and Wintermute Ventures. This brings Turnkey’s total funding to over $50 million.

Founded three years ago by CEO Ferguson, a Coinbase Custody alumnus, Turnkey develops key management infrastructure designed for crypto applications. The company aims to provide secure, scalable, and developer-focused tools, contrasting with legacy custodial systems it views as limiting.

Turnkey claims its technology offers cryptographically verifiable security using Trusted Execution Environments (TEEs) and programmable, modular APIs. The infrastructure is designed for scalability and accessibility, eliminating the need for end-users to manage wallets or seed phrases.

The company states its infrastructure currently powers over 50 million embedded wallets and processes millions of transactions weekly for clients in sectors like decentralized finance (DeFi), payments, and consumer apps, including Bridge, Alchemy, Magic Eden, and Polymarket.

Turnkey stated the new capital will fund team expansion across engineering, product, and operations. Investments are planned for more open-source projects and deeper infrastructure integrations for payments, DeFi, and artificial intelligence (AI) agents.

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