Turkish Crypto Exchange Metatime Raises $11M

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Metatime, a crypto exchange startup based in Istanbul, has raised $11 million in seed funding.

The investment firm Yildiz Tekno GSYO and business angels participated in the round, investing most of the amount by purchasing MetaCoin (MTC) tokens.

The startup is planning to launch services such as an exchange, wallet, NFT wallet, and its own stablecoin. 10% of the tokens will be unlocked for investors on November 11, and the remaining 90% will be released over the next 225 days.

Founded in 2021, the project currently employs 228 people. Turkey is known to be one of the top 30 countries on the Cryptocurrency Acceptance Ranking by Chainalysis, with its popularity of Bitcoin and Tether largely attributed to the devaluation of the local lira.