The Turkish virtual money startup Metatime has successfully completed a new investment round in which it raised an amount of $11 million. The company plans to prioritize the development of its protocol.
According to a report (1), the investment round consisted of two separate token sale rounds, which saw participation from some of the most prominent investors in Turkey, Denmark, and Germany.
With tens of angel investors who wished to remain anonymous, the Turkish investor group Yildiz Tekno GSYO participated in the round.
Metatime is launching its entrance into the virtual currency ecosystem in Turkey in order to give a full-fledged service that has the potential to position it as a preferred to serve the residents of Turkey who are extremely well-biased toward cryptocurrencies.
In comparison to the United States Dollar, the country’s fiat currency is one of the most undervalued in the world. Inflation is likely a big contributor to this problem.
Due to the fact that citizens of Turkey have adopted cryptocurrencies as an alternative asset throughout the course of the years in order to withstand currency devaluation, the region has become one of the most robust for potential companies.
The article states that the funds will be used to further the construction of the trading engine, and it is expected that this will occur soon.
In addition, the roadmap for Metatime includes the deployment of blockchain technology, a digital wallet, and a marketplace for non-fungible tokens (NFTs).
Metatime is developing its protocol in such a way that customers won’t need to look anywhere else for the Web 3.0 services they require once the company’s planned product suite is released.
Metatime was established in 2021; however, its co-founders, Yusuf Sevim, who serves as CEO, and Hys Sevim, have maintained ownership of the first ten million dollars in funding that they contributed to the company.
The most recent finance was provided to ensure the continuous operation of the business.
The funding plan consisted of two rounds, with the MTC token being sold at a price of 0.5 cents in the first round and 0.6 cents in the second round. Both rounds resulted in the sale of one hundred million MTC.
However, when the token is finally distributed on November 11, just ten percent of the total supply will be accessible.
The other 90% will be opened after 225 days at a pace of 0.4% each day, which will take the total time to complete.
About Metatime Platform
Despite the fact that the Metatime platform has been around for quite some time, the protocol will not be prepared for the launch of at least some of its primary products till at least November of this year.
As per confirmations provided by Sevim, the trading platform, token, blockchain protocol, & stablecoin that are under development by the exchange are expected to go live by that time.
The founder of the cryptocurrency stated that the company’s other noteworthy features, including the NFT marketplace and wallet, will be released by the beginning of the first quarter of 2024.
As of right now, Metatime has 208 people working for it as part of its team, so there are plenty of people to help out. As was mentioned previously, the company intends to adhere carefully to the timetable that is outlined in its roadmap, and it plans to do so by recruiting additional hands.
When it does finally launch, Metatime will be in direct competition with several well-established cryptocurrency exchanges that serve the Turkish market. These exchanges include Coinbase-affiliated BtcTurk, Bitay, and Paribu, amongst others.