When it finally goes live, Metatime will compete with established crypto exchanges serving the Turkish community, including Coinbase-linked BtcTurk, Bitay, and Paribu, among others.
Turkish digital currency startup Metatime has raised the sum of $11 million in a new funding round as it looks to double down on the development of the protocol. As reported Per The Block, the funding round took place in two token sale rounds with the participation of some of the biggest investors from Turkey, Denmark and Germany.
Turkish investment firm Yildiz Tekno GSYO participated in the round, with dozens of anonymous angel investors.
Metatime is making its debut in the digital currency ecosystem in Turkey to offer a comprehensive service that could position it as a favorite to serve highly crypto-inclined citizens. The country’s fiat currency is one of the most undervalued in the world against the US dollar, and inflation is arguably a major stress.
Over the years, Turkish residents have embraced cryptocurrencies as an alternative asset to survive currency devaluation, making the region one of the most robust for potential start-ups. According to the report, the funding will be used to boost the development of the commercial engine.
Metatime also plans to launch a blockchain protocol, a digital wallet, and a non-fungible token (NFT) market, all enshrined in its roadmap. With its projected product suit, Metatime is building its protocol in a way that users don’t need to leave its ecosystem to meet their Web 3.0 needs.
Metatime was founded in 2021 but has withheld the $10 million seed funding injected into the company by its co-founders, Yusuf Sevim, the CEO, and Hys Sevim. The idea behind the recent financing was to ensure the stability of the company.
The funding model featured two rounds in which the MTC token was sold for 0.5 and 0.6 cents respectively. Both rounds involved sales of 100 million MTC each and only 10% of the tokens will be unlocked when the token launches on November 11. The remaining 90% will be unlocked within 225 days at a release rate of 0.4% per day. .
Post Metatime Timeline Funding
Despite the age of the Metatime platform, the protocol is not yet ready to release some of its major products until at least November of this year. At the time, the exchange said that its trading platform, token, blockchain protocol, and stablecoin will go live according to confirmations given by Sevim.
The crypto founder said that his other products to watch, including the NFT marketplace and wallet, will go live in the first quarter of 2024.
Metatime has so many hands on deck that it currently has 208 people working on staff. The company plans to bring more hands on board as highlighted above as it plans to work strictly on the schedule set out in its roadmap.
When it finally goes live, Metatime will compete with established crypto exchanges serving the Turkish community, including Coinbase-linked BtcTurk, Bitay, and Paribu, among others.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-life applications of blockchain technology and innovations to drive mainstream acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based sites and media. Benjamin Godfrey is a lover of sports and agriculture.