Raised over $52 million in financing, learn about Turnkey, the wallet service provider founded by former Coinbase employees
Providing wallet services for Polymarket, Moonshot, Alchemy, etc.Author: momo, ChainCatcher
Recently, Turnkey, a crypto wallet infrastructure company founded by former Coinbase employees, announced the completion of a $30 million Series B funding round, led by Bain Capital Crypto, with participation from Lightspeed Faction and Galaxy Ventures.
With this funding, Turnkey has raised over $52 million through three rounds of financing. In April 2024, Turnkey completed a $15 million funding round led by Lightspeed Faction and Galaxy Ventures, with participation from Sequoia Capital, Coinbase Ventures, Alchemy, Figment Capital, and Mirana Ventures.
In March 2023, Turnkey completed a $7.5 million seed funding round, with participation from Sequoia Capital, Variant, and Coinbase.
Why has Turnkey been able to secure significant investments from top venture capital firms like Sequoia Capital? What is Turnkey's core product? This article provides a brief overview.
Turnkey: The Wallet Service Provider Behind Polymarket, Moonshot, and More
Founded in 2022, Turnkey's core mission is to allow project teams to seamlessly integrate wallet functionality into their apps without spending excessive effort on coding and architecture, while ensuring security, flexibility, and convenience, and automating large-scale signing transactions.
Turnkey mentions on its official website that its core products include "embedded wallets" and "transaction automation."
The embedded wallet service allows project teams to seamlessly integrate wallets into their products via API and customize the wallet experience. It supports the creation of both custodial and non-custodial wallets.
The transaction automation service enables project teams to scale complex signing workflows while maintaining security and flexibility. Turnkey provides a range of foundational building blocks that allow project teams to automate millions of signatures under customizable security controls; deploy role-based permission management and multi-party approval mechanisms; support all blockchain and asset types with any signing technology; and facilitate the migration of existing wallets and keys.
Turnkey currently primarily serves project teams in the fields of DeFi, developer tools, payments, consumer applications, and AI agents.
Turnkey's products have already been adopted by over 100 teams, including Polymarket, Moonshot, Alchemy, Mural Pay, Squads, DIMO, and Infinex.
Team Background: Founded by Coinbase's First Product Manager
The two co-founders of Turnkey both come from the early Coinbase team.
Turnkey CEO Bryce Ferguson was Coinbase's first product manager. From 2018 to 2021, he was responsible for driving Coinbase Custody to become the world's largest cryptocurrency custody platform and led the launch of Coinbase's staking and governance services.
From 2021 to 2024, Bryce Ferguson also joined Sequoia Capital's "Scout" program, recommending early-stage projects with potential to Sequoia Capital.
Turnkey's other co-founder, Jack Kearney, was an engineer at Coinbase before joining Polychain Capital as CTO.
