Turkish crypto exchange Metatime completes $11 million seed round

According to The Block, Turkish cryptocurrency exchange Metatime has completed an $11 million seed round of financing, with investors including Turkish investment firm Yildiz Tekno GSYO and multiple undisclosed angel investors. Metatime's limited partners are some of the largest Turkish companies, including Halkbank, Turk Telekom and Kalyon Holding. Metatime co-founder and CEO Yusuf Sevim said Yildiz invested $150,000 for a 1% stake in Metatime, with the rest of the funding ($11 million) provided by angel investors in a token financing. A total of 33 undisclosed angel investors bought MetaCoin (MTC) tokens, with 100 million MTC sold for 5 cents and another 100 million MTC sold for 6 cents. Founded in 2021 and not yet launched, Metatime is preparing to launch a variety of products and services, including cryptocurrency exchanges, wallets, NFT marketplaces, native blockchains, and stablecoins, and currently has 208 employees. Yusuf Sevim said he and Metatime's other co-founder, Hys Sahin, had previously invested $10 million in the company. Metatime's exchange, blockchain, stablecoin and MTC token will go live on November 11th. The NFT marketplace and wallet are expected to launch in the first quarter of next year.