Turnkey Raises $12.5M for Verifiable Cloud

Turnkey, a New York-based provider of key management infrastructure for cryptocurrency applications, announced on May 14 that it had raised $12.5 million in a strategic funding round. The investment brings the company's total funding to more than $65 million and includes participation from Archetype, Bain Capital Crypto, Lightspeed Faction, Galaxy Ventures, Variant, Circle Ventures and Sequoia Capital.

The new capital will primarily support the development and upcoming public launch of Turnkey Verifiable Cloud, a secure computing platform designed for sensitive cryptocurrency operations. Founded by former Coinbase Custody employees Bryce Ferguson and Jack Kearney, Turnkey specializes in tools for noncustodial wallets, automated onchain transactions and policy-controlled signing. The round follows a $30 million Series B led by Bain Capital Crypto in mid-2025 and a $15 million Series A led by Lightspeed Faction and Galaxy Ventures in 2024.

Verifiable Cloud targets organizations handling transaction visibility, policy decisions and agent-driven wallet activity in environments that can be independently verified. Company executives described the product as a response to challenges...