Turkish crypto exchange Metatime raises $11 million in seed funding

Not-yet-launched Turkish crypto exchange Metatime has raised $11 million in seed investments, according to The Block.

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The round included investment firm Yildiz Tekno GSYO and a number of business angels. The latter put the majority of the stated amount into the project, acquiring MetaCoin (MTC) tokens.

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The Istanbul-based startup is preparing to launch a range of services, including a crypto exchange, a wallet, an NFT wallet, and its own stablecoin.

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As of November 11, 10% of tokens are scheduled to be unlocked for investors. The remaining 90% will be released over the next 225 days.

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The Metatime project was founded in 2021 and has been under development since. As of writing, it employs 228 people.

Turkey ranks in the top-30 of Chainalysis’ crypto adoption rating. The popularity of Bitcoin and Tether in the country is largely driven by the devaluation of the local lira.