Turkish Crypto Startup Metatime Pulls $11M in New Funding
When it finally goes live, Metatime will be competing with the likes of established crypto exchanges serving the Turkish community including Coinbase-linked BtcTurk, Bitay, and Paribu amongst 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 protocol development. As reported by The Block, the funding round took place in two token sale rounds with some of the biggest investors from Turkey, Denmark, and Germany participating.
Turkey’s investment firm Yildiz Tekno GSYO took part in the round, with tens of unnamed angel investors.
Metatime is making its debut in the digital currency ecosystem in Turkey to offer a full-blown service that might position it as a favorite to serve the citizens who are very well skewed to cryptocurrencies. The country’s fiat currency is one of the most devalued in the world against the US Dollar, with inflation arguably a major strain.
Over the years, Turkish residents have embraced cryptocurrency as an alternative asset to survive currency devaluation, making the region one of the most robust for prospective startups. According to the report, the funding will be used to bolster 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 enshrined in its roadmap. With its projected product suit, Metatime is building its protocol such that users will have no need to go outside of its ecosystem for their Web 3.0 needs.
Metatime was founded in 2021 but has held onto the initial $10 million funding injected into the firm by its co-founders Yusuf Sevim, the CEO, and Hys Sevim. The idea behind the recent funding was to guarantee stability for the firm.
The funding model featured two rounds in which the MTC token was sold at 0.5 and 0.6 cents respectively. Both rounds involved the 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 over the span of 225 days at a release rate of 0.4% per day.
Metatime Timeline Post Funding
Despite the age of the Metatime platform, the protocol is still not ready to launch some of its core products until at least November this year. By that time, the exchange said its trading platform, token, blockchain protocol, and stablecoin will go live according to confirmations given by Sevim.
The crypto founder said that its other products to watch out for including the NFT marketplace and wallet will be floated by the first quarter of 2024.
Metatime has so many hands on deck as it currently boasts of 208 people working as its staff. The company plans to onboard more hands as highlighted earlier as it plans to work strictly on the timeline set in its roadmap.
When it finally goes live, Metatime will be competing with the likes of established crypto exchanges serving the Turkish community including Coinbase-linked BtcTurk, Bitay, and Paribu amongst others.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
