Turkish Crypto Startup Metatime Raises $11M in New Funding

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 participated in the round, with dozens of unnamed angel investors.

Metatime makes its debut in the digital currency ecosystem in Turkey to offer a full-fledged service that can position it as a favorite to serve the citizens who are very well inclined towards cryptocurrencies. The country’s fiat currency is one of the most devalued in the world against the US dollar, with inflation no doubt a major strain.

Over the years, Turkish residents have embraced cryptocurrency as an alternative resource to survive currency devaluation, making the region one of the most robust for potential startups. According to the report, the funding will be used to strengthen 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 laid out in the roadmap. With its projected product suit, Metatime builds its protocol so that users don’t have to go outside the ecosystem for their Web 3.0 needs.

Metatime was founded in 2021 but has held on to the initial $10 million in funding injected into the firm by its co-founders Yusuf Sevim, CEO, and Hys Sevim. The idea behind the recent funding was to guarantee stability for the firm.

The funding model featured two rounds where the MTC token was sold at 0.5 and 0.6 cents respectively. Both rounds involved the sale 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.

Metatime Timeline Post Funding

Despite the age of the Metatime platform, the protocol is still not ready to launch any of its core products until at least November of this year. At the time, the exchange said that the trading platform, token, blockchain protocol and stablecoin will go live according to confirmations provided by Sevim.

The crypto founder said that the other products they have to look out for, including the NFT market and the wallet, will be launched by the first quarter of 2024.

Metatime has so many hands on deck that it currently boasts 208 people working as employees. The company plans to involve more hands as highlighted earlier as it plans to work strictly according to the timeline set out in the roadmap.

When it finally goes live, Metatime will compete with the likes of established crypto exchanges serving the Turkish community, including Coinbase affiliate BtcTurk, Bitay, and Paribu among others.

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