Quick take:
- Turnkey co-founders CEO Bryce Ferguson and Jack Kearney are alumni of U.S.-based crypto exchange company Coinbase.
- The company offers an infrastructure for digital wallets where users store and manage their cryptocurrency.
- Ferguson said Turnkey’s appeal lies in its ability to add and streamline advanced features to wallets.
Former Coinbase employees, Bryce Fergason and Jack Kearney have raised $30 million in a Series B funding round led by Bain Capital Crypto with participation from Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute and Variant, Fortune reported.
The fundraising was structured as equity with token warrants of a yet-to-be-released cryptocurrency. However, the company has no plans to release its own token, viewing the token warrants’ inclusion as a common feature in most crypto deals.
Turnkey offers “low-level infrastructure” for crypto wallets, allowing users to store and manage digital assets. According to CEO Bryce Ferguson, the company’s appeal to users lies in its ability to add and streamline advanced features to wallets.
“We’re moving from this world of these slow, clunky systems that were designed for buying and holding crypto to very high throughput, machine-based transactions,” he said.
Turnkey’s APIs allow developers to plug into its software, enabling them to easily create and manage crypto wallets for their users. Its technology is already being used by some of the leading crypto companies including the prediction market platform Polymarket, the NFT marketplace Magic Eden, and stablecoin infrastructure service provider Bridge.
According to Ferguson, Turnkey plans to use the fresh capital to grow his staff of currently 35 employees, especially his engineering team.
“Most of the UX challenges that people have talked about over the past five years in crypto have been solved,” he said. “Ultimately, the building blocks are there.”
Although Turnkey is yet to turn a profit, the company’s revenue increased 200 times, according to Ferguson, who maintains his company does “have a clear path to profitability.”
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