Turnkey has secured $12.5 million in new funding to scale its verifiable cloud infrastructure designed for cryptocurrency wallets. The round underscores growing demand for secure, auditable backend services in the digital asset space.
Founded to address critical security gaps in self-custody, Turnkey's platform uses hardware-backed key management and cryptographic attestations. This allows clients to verify that wallet operations occurred exactly as intended, without exposing private keys to external threats.
The funds will accelerate development of infrastructure for stablecoins, AI agents, and onchain applications. Turnkey did not disclose its valuation or the lead investor in this round, though it previously raised a seed round from firms including Paradigm and Sequoia.
Expansion into AI-driven transactions signals a broader convergence of autonomous agents and digital asset management. As institutions increasingly deploy crypto wallets for automated settlements, verifiable infrastructure could become a compliance prerequisite.
One skeptic noted that enterprise adoption of verifiable cloud wallets remains nascent, and that competition from established custody providers like Fireblocks or Copper could intensify. The market may require more regulatory clarity before mass adoption materializes.