When it eventually goes live, Metatime will compete with the likes of established crypto exchanges serving the Turkish community, including Coinbase-linked BTCTurk, Byte and Paribu.
Turkish digital currency startup Metatime has raised $11 million in a new funding round as it looks to double down on protocol development. As informed of By The Block, the funding round took place over two token sale rounds, with some of the biggest investors from Turkey, Denmark and Germany participating.
Turkish investment firm Yildiz Techno GSYO participated in this round, which included ten unnamed angel investors.
Metatime is making its debut in the digital currency ecosystem in Turkey to provide a full-fledged service that should position it as a favorite for serving citizens who are very well skewed towards cryptocurrencies. With the country’s fiat currency one of the most undervalued in the world against the US dollar, inflation is arguably a major stressor.
Over the years, residents of Turkey have embraced cryptocurrencies as an alternative asset to avoid currency devaluation, making the region one of the strongest for potential startups. According to the report, the funding will be used to promote 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 contained in its roadmap. With its projected product suite, Metatime is building its protocol such that users will never need to go outside its ecosystem for their Web 3.0 needs.
MetaTime was founded in 2021 but has put a hold on the initial $10 million funding that was injected into the firm by its co-founders Yusuf Sevim, CEO, and Hiss Sevim. The idea behind the recent funding was to guarantee stability for the firm.
The funding model consisted of two rounds in which MTC tokens were sold at 0.5 and 0.6 cents, respectively. Both rounds involved the sale of 100 million MTC and only 10% of the tokens will be unlocked when the token launches on November 11. The remaining 90% will be unlocked over a period 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. To that end, the exchange said that its trading platform, token, blockchain protocol and stablecoin will go live as per the confirmation provided by Sevim.
The crypto founder said that other products including an NFT marketplace and wallet will be floated by the first quarter of 2024.
Metatime has so many hands on deck as it boasts of 208 people currently working as its employees. As mentioned earlier, the company plans to onboard more people as it plans to stick to the timeline laid out in its roadmap.
When it finally goes live, Metatime will compete with the likes of established crypto exchanges serving the Turkish community. BtcTurk Connected to CoinbaseBite, and Paribu etc. are included.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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