When it finally goes live, Metatime will be competing with the likes of Coinbase-linked BtcTurk, Bitay, Paribu, and other established crypto exchanges serving the Turkish community.

Turkish digital currency startup Metatime has raised a total of $11 million in a new funding round to double down on its protocol development.As report The Block’s funding round came in two token sale rounds with the largest investors from Turkey, Denmark and Germany.

Turkish investment firm Yildiz Tekno GSYO participated in the round, along with dozens of unnamed angel investors.

Metatime has made its debut in Turkey’s digital currency ecosystem and has a full-fledged offering, which could position it as a favorite to serve citizens who are highly biased towards cryptocurrencies. The country’s legal tender is one of the world’s most devalued currencies against the US dollar, and inflation has undoubtedly taken a heavy toll.

Over the years, Turkish residents have embraced cryptocurrencies as an alternative asset to weather the devaluation, making the region one of the most robust for promising startups. According to the report, the funds will be used to power the development of the trading engine.

Metatime also plans to launch a blockchain protocol, a digital wallet and a Non-Fungible Token (NFT) marketplace, all of which are on its roadmap. With its planned product suite, Metatime is building protocols so that users never have to go outside the ecosystem for their Web 3.0 needs.

Metatime was founded in 2021 but retains the initial $10 million in funding injected into the company by co-founders CEOs Yusuf Sevim and Hys Sevim. The idea behind the recent funding round was to ensure the stability of the company.

The funding model featured two rounds with MTC tokens priced at 0.5 cents and 0.6 cents respectively. Both rounds will have sales of 100 million MTC each and only 10% of the tokens will be unlocked when the tokens launch on November 11th. .

meta time timeline after funding

Despite the age of the Metatime platform, the protocol is not ready to launch some of its core products until at least November of this year. By that time, the exchange said its trading platform, tokens, blockchain protocol and stablecoin would be up and running according to his Sevim confirmation.

The cryptocurrency founder said other notable products, including an NFT marketplace and wallet, will be launched by the first quarter of 2024.

With 208 staff currently working, Metatime has quite a few hands on the line. The company plans to stick to the timeline set in its roadmap, so as previously highlighted, it will be onboarding more hands.

When it finally goes live, Metatime will be competing with the likes of Coinbase-linked BtcTurk, Bitay, Paribu, and other established crypto exchanges serving the Turkish community.

Next

business news, cryptocurrency news, news

Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications and innovations in blockchain technology, driving general acceptance and global integration of emerging technologies. His desire to educate people about cryptocurrencies has inspired his contributions to famous blockchain-based media and sites. Benjamin Godfrey loves sports and farming.

By Jules

Leave a Reply