Galaxy, Lightspeed Faction Lead $15M Raise for Turnkey, Crypto Wallet Startup From Former Coinbase Employees
Summary
Turnkey, a company that builds wallet infrastructure for blockchain developers, has raised $15 million in a Series A funding round led by Lightspeed Faction and Galaxy Ventures.Co-founded by a pair of former Coinbase employees who helped build the U.S. crypto exchanges custody service, Turnkey aims to help application developers build user-friendly blockchain wallets.The funding round, officially announced on Tuesday, included participation from Sequoia, Coinbase Ventures, Alchemy, Figment Capital, and Mirana Ventures. "Turnkey is at its simplest level, secure, flexible and scalable wallet infrastructure," CEO Bryce Ferguson said in an interview. "Theres a whole host of things that people can use us for whenever you require a wallet and are signing transactions whether its for end-users or for a business," said Ferguson.A major customer is Alchemy, the blockchain development platform used by many of the top crypto applications. Ferguson says Alchemy uses Turnkey to power its "wallet-as-a-service" offering, relying on the toolkit to serve "as a [transaction] signer behind the scenes. Turnkey also serves financial firms, with "trading terminals using us for embedded wallets," said Ferguson.On the individual user end, "We even see folks using us for kind of just broad signing of transactions," said Ferguson.