Turnkey, a crypto infrastructure company founded by former Coinbase guardian builder, raised $30 million in 2022 in Series B Series B to create an “open infrastructure layer” for cryptocurrencies, which the company said will help the industry grow in a similar way to the internet.
Bain Capital Crypto is led by participation from Sequoia Capital, Galaxy Ventures, Lightspeed faction, variants and Wintermute Ventures. The circle raises Turnkey’s total funding to $50 million.
Turnkey specializes in providing wallet infrastructure that enables embedded wallets to “eliminate the need to rely on dependable sourceable seed phrases.” Its customers include the prediction market platform Polmoarket, NFT Marketplace Magic Eden and the Web3 development platform Alchemy.
The capital will help expand turnkey engineering, product, marketing and operations teams, according to Announce to the announcement. Areas that will be of concern include modular infrastructure for payments, AI agents and decentralized finance.
“We are still very early. Less than 10% of the global population today use cryptocurrencies, and the infrastructure reflects that. But the foundation we lay now will affect digital financing for the next decade.”
Related: A beginner’s guide to understanding blockchain technology
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Digital asset infrastructure is rising
In recent years, the blockchain infrastructure sector has attracted the attention of investors. In January 2022, crypto infrastructure company Fireblocks Raised $550 million at a valuation of $8 billionbringing its total funding to US$799 million. Blockdaemon, a blockchain infrastructure provider, Raised $155 million in September 2021 forward Raise In January 2022, an additional $207 million.
March, direct turnkey competitor private Announce A pay increase raises its total fundraising campaign to $40 million. Like Turnkey, Privy offers embedded wallets, allowing companies to integrate white label wallets directly into their applications with less friction than traditional non-habitual wallets.
As digital assets rise and gain mainstream acceptance, blockchain infrastructure is receiving more attention. according to For the future of market research, the blockchain infrastructure market will be worth US$27.4 billion in 2025. Its compound annual growth rate is 26.1%, and its market size is expected to reach US$221.4 billion by 2034.
Blockchain also has potential beyond cryptocurrencies and can be used to simplify supply chain management, better energy allocation and increase disaster recovery capabilities, the report said.
