Bain Capital Crypto Leads $30M Series B Investment in Turnkey

Crypto infrastructure provider Turnkey has successfully raised $30 million in a Series B funding round, with Bain Capital Crypto taking the lead. The latest funding push propels Turnkey’s total capital raised to over $50 million, reinforcing its position as a growing player in the blockchain infrastructure landscape.

A High-Profile Round Backed by Top Investors

The announcement, made by CEO Bryce Ferguson—a former executive at Coinbase Custody—highlighted participation from several other heavyweight venture capital firms, including Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Variant, and Wintermute Ventures.

This show of confidence from top-tier investors reflects growing interest in developer-first infrastructure solutions in the crypto and Web3 sectors.

Turnkey’s Mission: Simplifying Crypto Infrastructure

Founded three years ago, Turnkey focuses on building secure, developer-centric key management systems tailored for blockchain-based applications. Unlike traditional custodial services that often come with restrictive frameworks, Turnkey provides modular APIs and cryptographic infrastructure that allow developers to build secure, flexible crypto applications without managing private keys, wallets, or seed phrases.

At the heart of Turnkey’s solution is its use of Trusted Execution Environments (TEEs)—hardware-based security technologies that ensure cryptographic operations are executed in isolated environments. This provides verifiable and programmable security that scales for modern use cases.

Powering Over 50 Million Wallets Across Web3 Sectors

According to the company, Turnkey’s infrastructure currently supports more than 50 million embedded wallets, enabling millions of transactions weekly. Their services span a wide range of sectors, including DeFi, digital payments, and consumer-facing apps.

Notable clients using Turnkey’s solutions include platforms such as Bridge, Alchemy, Magic Eden, and Polymarket—all of which rely on Turnkey’s tools to deliver seamless wallet functionality and backend crypto operations.

Where the Capital Will Go

The newly secured funds will be used to expand Turnkey’s team, particularly across engineering, product development, and operations. The company also intends to invest heavily in open-source initiatives and pursue deeper integrations across emerging domains such as AI agents, on-chain payments, and advanced DeFi protocols.

In a statement, Ferguson emphasized the company’s commitment to pushing the boundaries of what’s possible with cryptographic infrastructure:

“We believe that managing keys should be invisible to users and intuitive for developers. With this funding, we’re doubling down on creating a more accessible, programmable, and secure crypto layer that powers the next generation of applications.”