Turnkey Raises $15M in Series A to Enhance Blockchain Wallet Infrastructure

Turnkey, a blockchain wallet infrastructure provider, has raised $15 million in a Series A funding round led by Lightspeed Faction and Galaxy Ventures. Founded by former Coinbase employees, Turnkey's mission is to simplify blockchain wallet development, providing secure, flexible, and scalable infrastructure for developers building user-friendly wallets.

Turnkey Raises $15 Million in Series A Funding to Revolutionize Blockchain Wallet Infrastructure

Turnkey, a pioneering fintech company dedicated to empowering developers with robust wallet infrastructure for blockchain applications, has announced a significant $15 million Series A funding round. The investment, led by Lightspeed Faction and Galaxy Ventures, underscores the growing demand for secure, flexible, and user-friendly blockchain wallet solutions.

Founded by a team of experienced former Coinbase employees who played a pivotal role in developing the leading crypto exchange's custody service, Turnkey's mission is to simplify the process of building blockchain wallets for application developers. The company's innovative platform provides a comprehensive toolkit for wallet-related tasks and cryptographic transactions, enabling developers to seamlessly integrate secure wallet functionality into their applications.

"At its core, Turnkey offers a comprehensive wallet infrastructure that is secure, flexible, and scalable," explained CEO Bryce Ferguson. "Our platform provides developers with a robust toolkit for all aspects of wallet management, from key generation to transaction signing and everything in between."

Ferguson emphasized the catalyst for Turnkey's inception, noting that their experience at Coinbase revealed a critical gap in the market. "Many crypto custodians viewed cryptocurrency solely as a 'buy-and-hold' investment, neglecting the need for users to actively utilize their assets," he said. "Turnkey was born out of our desire to empower custodians with tools that give end-users greater control and flexibility over their crypto assets."

Launched in August 2023, Turnkey's product suite has quickly gained traction, serving as the backbone for a diverse range of applications that require secure wallet functionality and transaction signing capabilities. Notable clients include Alchemy, which leverages Turnkey to power its "wallet-as-a-service" offering, and Mural, an enterprise-focused wallet provider that facilitates seamless invoicing and global payments.

Turnkey's comprehensive platform also caters to financial institutions, with trading terminals integrating its wallets for transactional purposes. Additionally, individual users leverage Turnkey for secure and efficient broad transaction signing.

Ferguson highlighted Turnkey's unwavering commitment to providing a complete solution for wallet infrastructure. "We designed our platform from the ground up, ensuring that all aspects of wallet management are covered," he said. "Turnkey provides developers with the ability to generate cryptographic key pairs and manage them securely, empowering them to create robust and user-friendly blockchain wallets."

The latest funding round, which closed in October 2023, is a testament to the growing demand for Turnkey's innovative wallet infrastructure solutions. The company's impressive list of investors, including Sequoia, Coinbase Ventures, Alchemy, Figment Capital, and Mirana Ventures, further validates its position as a leader in the blockchain wallet ecosystem.

With the additional funding, Turnkey plans to accelerate its growth, expand its engineering team, and further enhance its product offering. The company is poised to continue revolutionizing the blockchain wallet landscape, enabling developers to create secure, user-friendly, and feature-rich blockchain applications that empower users to fully utilize their crypto assets.

As the blockchain industry continues to evolve, Turnkey stands at the forefront of innovation, providing the essential infrastructure that will shape the future of blockchain wallet technology.