Financing over $52 million, let’s learn about Turnkey, a wallet service provider founded by former Coinbase employees.

Author: momo, ChainCatcher

Recently, Turnkey, a crypto wallet infrastructure company founded by former Coinbase employees , announced that it had completed a $ 30 million Series B financing, led by Bain Capital Crypto , and participated by Lightsped Faction and Galaxy Ventures .

After completing this financing, Turnkey raised over $ 52 million through three financings. In April 2024 , Turnkey completed a US$ 15 million financing led by Lightspeed Faction and Galaxy Ventures , with Sequoia Capital, Coinbase Ventures , Alchemy , Figment Capital and Mirana Ventures participating.

In March 2023 , Turnkey completed a $ 7.5 million seed round financing, with Sequoia Capital, Variant and Coinbase participating.

Why can Turnkey get large investments from top venture capital such as Sequoia Capital? What is Turnkey 's core product? This article has been briefly sorted out.

Turnkey : The wallet service provider behind Polymarket ,

Moonshot, etc.

Turnkey was founded in 2022. Its core purpose is to enable project parties to safely, flexibly and conveniently embed wallet functions into APPs without spending too much effort writing code and adjusting architecture during product development, and to automatically handle large-scale signature transactions.

Turnkey mentioned on its official website that its core products include "embedded wallet" and "transaction automation".

Embedded wallet service allows project parties to seamlessly embed wallets into their products through APIs and customize the wallet experience. It supports two types of creation of managed wallets and unmanaged wallets.

Transaction automation services allow project teams to achieve complex signature workflow automation on a large scale, while taking into account security and flexibility. Turnkey provides a series of basic building blocks, allowing project teams to automatically process millions of signatures under customizable security control; deploy role-based permission management and multi-party approval mechanisms; support all blockchain and asset types with arbitrary signature technology; realize the migration of existing wallets and keys, etc.

Turnkey currently mainly provides services to project teams in the fields of DeFi , developer tools, payment, consumer applications, and AI agents .

Turnkey 's products have been adopted by more than 100 teams including Polymarket , Moonshot , Alchemy , Mural Pay , Squads , DIMO , Infinex .

Team background: Founded by Coinbase's first product manager

Turnkey 's two joint ventures came from the early Coinbase team.

Turnkey CEO Bryce Ferguson was Coinbase 's first product manager. From 2018 to 2021 , he was responsible for promoting Coinbase Custody as the world's largest cryptocurrency custody platform and led Coinbase 's launch of staking and governance business .

Between 2021 and 2024 , Bryce Ferguson also joined Sequoia Capital's " Scout " program to recommend early potential projects for Sequoia Capital.

Turnkey's other name is Jack Kearney , who was a Coinbase engineer and later joined Polychain Capital as CTO .