Turnkey, a crypto infrastructure firm established by former Coinbase Custody builders in 2022, has secured $30 million in a Series B funding round led by Bain Capital Crypto, with participation from prominent investors like Sequoia Capital and Galaxy Ventures. This funding boosts Turnkey's total capital to $50 million, aimed at building an open infrastructure layer for the crypto industry akin to the evolution of the internet. The company specializes in wallet infrastructure that eliminates the reliance on phishable seed phrases. Its clientele includes Polymarket, Magic Eden, and Alchemy. The funding will enable Turnkey to enhance its engineering and operations teams and focus on modular infrastructure and decentralized finance. With only a small fraction of the global population currently utilizing crypto, the company emphasizes the importance of laying down foundational infrastructure now to shape the future of digital finance. The blockchain infrastructure sector has drawn increased investor interest, as evidenced by other companies achieving substantial funding rounds in recent years, like Fireblocks and Blockdaemon, reflecting a growing acknowledgment of the potential for blockchain technology beyond just crypto transactions.

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