Crypto Infrastructure Company Turnkey Completes $30 Million Series B Funding, Bain Capital Crypto Leads Investment

Odaily Planet Daily News Crypto infrastructure company Turnkey announced the completion of a $30 million Series B financing round, aiming to build an "open crypto infrastructure layer" to drive the industry to evolve like the Internet. This round of financing was led by Bain Capital Crypto, followed by Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant and Wintermute Ventures. After this round of financing, Turnkey's cumulative total financing reached $50 million. Turnkey was founded in 2022 by members of the original Coinbase Custody team. It focuses on wallet infrastructure services and provides embedded wallets without mnemonics. Its customers include prediction market platform Polymarket, NFT market Magic Eden, and Web3 development platform Alchemy. Turnkey co-founder said: "We are still in the early stages, less than 10% of the world's population is using cryptocurrency, and the current infrastructure reflects this. But the foundation laid today will shape digital finance in the next decade." According to Market Research Future data, the blockchain infrastructure market will be worth $27.4 billion by 2025 and will grow to $221.4 billion in 2034, with a compound annual growth rate of 26.1%. In March this year, Turnkey's competitor Privy also announced the completion of financing, with a total financing amount of $40 million, and also provides integrated white label wallet solutions. As crypto assets are accepted by the mainstream, the underlying infrastructure has become the focus of a new round of funds. (Cointelegraph)