Turnkey raises $12.5M for wallet infrastructure

Crypto wallet infrastructure firm Turnkey has raised $12.5 million backed by Circle Ventures and Sequoia Capital.

• The round brings Turnkeys total funding to over $65 million and will primarily support development of Turnkey Verifiable Cloud ahead of its public launch.
• Verifiable Cloud is designed to let companies run sensitive crypto operations including transaction signing and policy decisions in a verifiable environment.
• Turnkey was founded by former Coinbase Custody employees and serves Flutterwave, Polymarket, and World App among its customers.

Turnkey announced the raise on May 14, with participation from Archetype, Bain Capital Crypto, Lightspeed Faction, Galaxy Ventures, and Variant alongside Circle Ventures and Sequoia Capital.

The New York-based company builds key management infrastructure for crypto applications, including non-custodial wallets, automated onchain transactions, and policy-controlled signing. The raise follows a $30 million Series B led by Bain Capital Crypto in mid-2025.

“Stablecoins are transforming how value moves online, and AI agents are upending traditional security assumptions,” said Bryce Ferguson, CEO and co-founder of Turnkey. “Verifiable Cloud is our answer to the security and compliance demands of the next wave of crypto applications.”

What Verifiable Cloud is designed to solve

Verifiable Cloud targets organisations that need to run sensitive operations, including transaction visibility, policy decisions, and agent-driven wallet activity, in a computing environment that can be independently verified.

The product addresses the growing segment where automated AI agents execute onchain transactions on behalf of users and businesses, creating security demands that traditional key management was not built to handle.

Sequoia Capital has been building its exposure to stablecoin and crypto infrastructure through its portfolio. Circle Ventures, the investment arm of USDC issuer Circle, is expanding its backing of stablecoin payment infrastructure across the stack.

Their combined participation signals institutional confidence in the private key management layer as crypto moves into enterprise payments and AI-driven financial applications. Turnkeys customer base, which includes stablecoin-focused platforms like Polymarket and Anchorage Digital, positions it within the fastest-growing segments of institutional crypto in 2026.