PANews reported on May 14 that Turnkey, a cryptocurrency wallet and key management infrastructure company, has completed a $12.5 million strategic funding round. The round was led by Archetype, Circle Ventures, and existing investors, bringing its total funding to over $65 million. Bain Capital Crypto, Galaxy Ventures, Sequoia Capital, Variant, and Lightspeed Faction also participated in this round.

Turnkey stated that the new funding will primarily be used to develop and publicly launch Turnkey Verifiable Cloud, a product positioned as a secure computing platform for digital assets and sensitive workloads.

Founded by former Coinbase Custody employees Bryce Ferguson and Jack Kearney, Turnkey's infrastructure is currently used in scenarios such as non-custodial wallets, automated on-chain transactions, and policy-controlled signatures. Its clients include Flutterwave, World App, Polymarket, and Anchorage Digital.