Turnkey raises $30M for crypto open infrastructure layer

Turnkey, a crypto infrastructure company founded by former Coinbase Custody builders in 2022, has raised $30 million in a Series B round to create an “open infrastructure layer” for crypto, which the company says will help the industry evolve in a similar way to the internet.

Bain Capital Crypto led the round with participation from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. The round brings Turnkey’s total funding to $50 million.

Turnkey specializes in providing wallet infrastructure, enabling embedded wallets that “remove the need to rely on phishable seed phrases.” Its clients include prediction market platform Polymarket, NFT marketplace Magic Eden, and Web3 development platform Alchemy.

The capital will help to scale Turnkey’s engineering, product, go-to-market and operations teams,accordingto the announcement. Areas that will receive attention include modular infrastructure for payments, AI agents and decentralized finance.”We’re still early. Less than 10% of the global population uses crypto today, and the infrastructure reflects that. But the foundations we lay now will shape the next decade of digital finance.”

Related:A beginner’s guide to understanding the layers of blockchain technology

Digital asset infrastructure on the rise

The blockchain infrastructure sector has garnered increased attention from investors in recent years. In January 2022, crypto infrastructure company Fireblocksraised $550 million at a $8 billion valuation, bringing its total funding to $799 million. Blockchain infrastructure provider, Blockdaemon,raised $155 million in September 2021beforeraisingan additional $207 million in January 2022.

In March, direct Turnkey competitor Privyannounceda raise that brought its total fundraising to $40 million. Like Turnkey, Privy offers embedded wallets, allowing companies to integrate white label wallets directly into their applications with less friction than traditional non-custodial wallets.

Blockchain infrastructure is gaining more attention as digital assets rise and achieve mainstream acceptance.Accordingto Market Research Future, the blockchain infrastructure market is valued at $27.4 billion in 2025. It has a compound annual growth rate of 26.1% and is projected to reach a market size of $221.4 billion by 2034.

Blockchains have potential outside of crypto as well and may be used to streamline supply chain management, better energy distribution, and increase capabilities of disaster recovery, according to the report.

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