Turnkey Private Key Management Solution Raises $7.5M

Turnkeya startup co-founded by former from Coinbase Custody which develops a platform dedicated to the private key management for developers, has raised 7.5 million dollars from Sequoia and others.

While more than $3 billion in cryptocurrencies were still stolen last year through hacks, more and more startups specializing in blockchain security are emerging, such as Turnkey.

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Out of the shadows this week, the startup co-founded by ex-employees of the giant’s Custody department Coinbase has also announced that it has completed a 7.5 million dollar funding round. Sequoia Capital, Variant and Coinbase Ventures are among the investors, according to the announcement.

Turnkey designs a platform dedicated to the private key management for crypto developerswhich, according to the investment firm Sequoiaoffers the “same security protections” as major financial institutions.

In practical terms, the solution allows blockchain developers to use API to dynamically generate portfolios and sign large-scale transactions.

We believe the future of crypto will include billions of on-chain transactions, but we won’t get there with the tools we have today. We built Turnkey to facilitate that future. By giving developers simple ways to secure private keys and sign large-scale transactions, we’re empowering them to create the next generation of crypto products,” the company explained in a blog post.

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