Turkish crypto exchange, Metatime, has raised $11 million in seed funding from Yildiz Tekno GSYO and several undisclosed angel investors. Yildiz Tekno GSYO, whose limited partners include Turkey’s biggest companies such as Halkbank and Turk Telekom, invested $150,000 for 1% equity in Metatime. The rest of the funding was provided by angel investors in a token round.
A Crowded Crypto Market Amid Economic Turmoil
Metatime is entering a crowded crypto market in Turkey, including established exchanges BtcTurk, Paribu, and Bitay, amidst economic turmoil and sky-high inflation. Despite this, crypto is growing increasingly popular in Turkey, ranking twelfth in Chainalysis’s 2022 Global Crypto Adoption Index.
Preparing to Launch Multiple Products and Services
Istanbul-based Metatime is preparing to launch a comprehensive suite of products and services, including a crypto exchange, wallet, NFT marketplace, native blockchain, and stablecoin. The exchange, blockchain, stablecoin, and MTC token are expected to go live on Nov. 11, with the NFT marketplace and wallet following in Q1 of next year. The company currently has 208 employees and is hiring for various roles.
Source: TheBlock
