Founded in 2022 by former Coinbase executives Bryce Ferguson and Jack Kearney, Turnkey positions itself as a developer-first solution for building secure, user-friendly crypto wallets. Its core offering revolves around streamlined APIs that abstract the complexity of private key management, helping crypto startups focus on their core products instead of backend wallet infrastructure.

The Series B funding follows a successful Series A round in April 2024, during which Turnkey raised $15M. That earlier round already attracted some of the same investors who have returned to double down on the startup’s long-term potential.

This latest round is structured with a mix of equity and token warrants. Notably, despite including token-based instruments in its fundraising vehicle, Turnkey confirmed it does not plan to launch its own native token—choosing instead to remain focused on service infrastructure rather than becoming a protocol-layer entity.

According to Ferguson’s comments to Fortune, the company’s team currently consists of 35 employees, with plans to grow significantly—particularly within engineering. The expansion aims to meet the demands of rapidly scaling usage: over the past 12 months, Turnkey’s transaction volume has reportedly surged by over 200x, despite the company not yet reaching profitability.

Turnkey’s infrastructure has already attracted high-profile clients including Polymarket, Magic Eden, and Bridge, signaling strong early adoption among decentralized finance (DeFi) and Web3 ecosystems. Its positioning as a middleware enabler is aligned with broader trends in crypto, where projects increasingly prefer plug-and-play wallet integrations over building proprietary solutions from scratch.

In the context of ongoing Web3 infrastructure growth and the maturing developer tooling ecosystem, Turnkey’s strategy to avoid tokenization may prove advantageous. Unlike competitors racing to issue tokens for short-term liquidity, Turnkey is banking on product-market fit and long-term operational scalability