Turnkey raises 30 million USD in Series B, paving the way for a secure crypto wallet infrastructure.

Turnkey has successfully raised 30 million USD in a Series B round led by Bain Capital Crypto, with participation from Sequoia and Galaxy Ventures. This move reflects a shift in the flow of investment into crypto infrastructure, following the trend from 2022 when Fireblocks raised 550 million USD. This indicates investor confidence in secure wallet solutions amidst a blockchain market projected to reach 221.4 billion USD by 2034 according to Market Research Future.

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The company has also open-sourced QuorumOS — a verifiable computing system using Trusted Execution Environments (TEE) — aimed at addressing the inherent security vulnerabilities in the traditional wallet model based on seed phrases that are easily susceptible to attacks. This system has been used in a real-world environment for over two years, protecting more than 50 million wallets.

With the provision of embedded wallets for applications such as Polymarket and Worldcoin, Turnkey is operating more than 50 million wallets and billions of dollars in assets. This shows a real shift in crypto infrastructure, in line with the blockchain’s 26.1% annual growth rate. However, the global penetration level has only reached about 10%, showing that the market still has a lot of room for development.