Turnkey Secures $30 Million in Series B Funding Led by Bain Capital Crypto

Turnkey, a cryptocurrency wallet infrastructure provider founded by former Coinbase employees, has raised $30 million in a Series B funding round. Bain Capital Crypto led the investment, with participation from Lightspeed Faction and Galaxy Ventures. This follows a $15 million Series A round in April 2024, signaling strong investor confidence in the company's API-based wallet solutions.

The funding will accelerate the global expansion of Turnkey's developer-friendly infrastructure, which simplifies cryptocurrency wallet creation and management through APIs. The company's technology abstracts away key management complexities, enabling developers to integrate wallets with minimal code.

While Turnkey hasn't disclosed its updated valuation, the back-to-back funding rounds reflect growing market demand for streamlined crypto wallet infrastructure. Industry observers anticipate this investment will help Turnkey capture greater market share as institutional adoption of digital assets continues to rise.