Rethinking Wallet Infrastructure

Founded in 2022 by former Coinbase Custody engineers, Turnkey provides next-generation wallet infrastructure. Its embedded wallet technology eliminates the need for vulnerable seed phrases, making it easier and safer for developers to integrate crypto into their platforms.

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Notable clients include Web3 platform Alchemy, NFT marketplace Magic Eden, and prediction market Polymarket. The company has now raised $30 million in a Series B round led by Bain Capital Crypto, with participation from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. This brings Turnkey’s total funding to $50 million.

Building the Future of Digital Finance

With the new funding, Turnkey plans to scale its engineering, product, go-to-market, and operations teams. Focus areas include modular payment infrastructure, AI-powered agents, and decentralized finance applications.

The company emphasizes that less than 10% of the global population currently uses crypto. Yet, the infrastructure being built today will be crucial in shaping the next decade of digital finance.

Rising Demand for Infrastructure

Investor interest in blockchain infrastructure has surged in recent years. In 2022, Fireblocks raised $550 million, while Blockdaemon secured $362 million across two rounds. Privy, a direct competitor to Turnkey, also raised a total of $40 million earlier this year.

According to Market Research Future, the blockchain infrastructure market is projected to grow from $27.4 billion in 2025 to $221.4 billion by 2034. Its applications are expected to expand beyond crypto into supply chain management, energy systems, and disaster recovery.

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The post Turnkey Secures $30M to Redefine Crypto Infrastructure appeared first on Coin Engineer.

In March 2022, Bain Capital opened its first crypto fund. Launched immediately before Do Kwon’s Luna’s Luna fell, the $560 million fund set off a catastrophic slide in the crypto market. Bain Capital was an active investor in rounds including Sam Altman’s $115 million Worldcoin financing, privacy system Nocturne Labs, and distributed exchange aggregator Flood, despite the following crypto winter.

Stefan Cohen and Alex Evans co-led the inaugural fund, which focuses on early-stage investments and liquid tokens in the distributed finance (DeFi) and Web3 sectors and has already committed about $100 million in projects actively engaged in protocol governance.

Bain Capital Crypto said compliance issues prevented it from responding to the new fund via its public relations firm.

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CFAT and digital asset company Lejilex have filed a lawsuit against the US Securities and Exchange Commission (SEC), asking the court to make a decision on the status of digital assets sold in the secondary market.

CFAT and Lejilex, where it is reported that Mike Wawszczak, who is a lawyer and the general counsel of Alliance DAO, plans to launch a crypto exchange called Legit.Exchange, filed a lawsuit against the SEC on February 21 in the North Texas District Court in Fort Worth, according to his LinkedIn profile.

The lawsuit presents a claim against the SEC with the Declaratory Judgment Act and a case shown as an example in 2007. The plaintiffs are asking the court for several decisions, among them:

“a. Declare that secondary market sales of digital assets, as Lejilex plans to facilitate through the Legit.Exchange, are not securities sales as defined in the 1934 Securities Exchange Act and 1933 Securities Act.”

Legit.Exchange (SEC)

They also want the court to declare that Legit.Exchange is not an unregistered securities exchange and Lejilex will not be an unregistered broker or clearinghouse by operating the exchange.

The plaintiffs argued that “the SEC’s recent punitive actions have adopted a new and original position that ‘investment contracts’ include almost all digital asset transactions under federal securities laws.”

Following, they said, “This position leaves law-abiding participants in the digital asset industry at risk of exposure to the SEC’s punishment actions for not conforming to the SEC’s exaggerated understanding of its authority.” The complaint continued:

“Despite the continuous pleas of industry participants, the SEC has refrained from publishing any specific regulation explaining its new position, which would force the agency to test it by forming the rule of awareness and comment.”

Lejilex described Legit.Exchange

Lejilex described Legit.Exchange as a digital asset trading platform that does not have a customer account. It uses smart contracts to allow users to trade with each other. Users will never know each other’s identities. Lejilex will control which assets are allowed to trade and perform functions such as verification for a fee, but will not store user assets. The company’s website stated that it plans to launch Legit.Exchange by the end of the year.

According to Lejilex’s website, the company was established in 2023. The (X) renamed asset (previously named Twitter) dates back to September. CFAT was also established in September. Other supporters of the nonprofit organization include a16z crypto, Coinbase, Ledger, Bain Capital Crypto, Blockchain Capital, and Paradigm.

The lawsuit addressed the Howey test in detail. It also made references to the Wahi lawsuit and the SEC’s actions against LBRY, Binance, and many other companies.

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