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.
The funding round, officially announced on Tuesday, included participation from Sequoia, Coinbase Ventures, Alchemy, Figment Capital, and Mirana Ventures. It closed last October and follows a $7.5 million seed round from 2022. Ferguson said he and his co-founder were motivated by their joint realization, at Coinbase, that most crypto custodians were treating cryptocurrency as"a buy-and-hold investment," meaning crypto was"something you locked up and didn't really do anything with." The goal with Turnkey was to create a set of tools that would grant custodians the ability to securely offer end-users more flexibility over how they use their assets.
A major customer is Alchemy, the blockchain development platform used by many of the top crypto applications, a division of the Ethereum developer Consensys. Ferguson says Alchemy uses Turnkey to power its"wallet-as-a-service" offering, relying on the toolkit to serve"as a signer behind the scenes."
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