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 Lightsped Faction and Galaxy Ventures.
After this funding round, Turnkey has raised over $52 million through three funding rounds. 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 round with investments from Sequoia Capital, Variant, and Coinbase.
Why can Turnkey secure significant investments from top-tier venture capital firms? What is Turnkey's core product? This article provides a brief overview.
Turnkey: Wallet Service Provider Behind Polymarket, Moonshot, and Others
Founded in 2022, Turnkey's core purpose is to enable project teams to seamlessly integrate wallet functionality into their apps safely, flexibly, and conveniently without spending too much effort on coding and architecture, and to automatically handle large-scale signature transactions.
Turnkey mentions on its 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 creating both custodial and non-custodial wallets.
The transaction automation service enables project teams to scale complex signature workflow automation while maintaining security and flexibility. Turnkey provides a series of basic building modules that allow project teams to automatically process millions of signatures under customizable security controls, deploy role-based permission management and multi-party approval mechanisms, support all blockchain and asset types through any signature technology, and enable migration of existing wallets and keys.
Turnkey currently primarily serves project teams in DeFi, developer tools, payment, consumer applications, and AI agent domains.
Turnkey's products have 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
Turnkey's two co-founders both come from the early Coinbase team.
Turnkey CEO Bryce Ferguson was Coinbase's first product manager. Between 2018 and 2021, he drove Coinbase Custody to become the world's largest crypto custody platform and led Coinbase's staking and governance business.
From 2021 to 2024, Bryce Ferguson also joined Sequoia Capital's "Scout" program, recommending early-stage promising projects to Sequoia Capital.
Turnkey's other co-founder, Jack Kearney, was a Coinbase engineer who later joined Polychain Capital as CTO.
