Benzinga - Turkish cryptocurrency exchange Metatime, which has not yet launched, has secured $11 million in seed funding from unnamed angel investors and the Turkish investment firm Yildiz Tekno GSYO.
Several large businesses in Turkey, including Halkbank, Turk Telecom, and Kalyon Holding, are the firm's limited partners, according to a report by The Block.
In Turkey, where inflation is extremely high and the currency is depreciated, cryptocurrencies are popular.
According to Chainalysis' 2022 Global Crypto Adoption Index, the nation came in at number twelve.
In the midst of the current economic crisis, Metatime is entering a market already filled with well-known cryptocurrency exchanges like BtcTurk, Paribu, and Bitay.
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Yusuf Sevim, co-founder and CEO of Metatime said that Yildiz contributed $150,000 in exchange for a 1% stake in the company.
He noted that angel investors contributed the remaining $11 million in a token round, making up the remaining capital.
According to Sevim, 33 anonymous angel investors purchased MetaCoin (MTC) tokens, with 100 million MTC being sold at 5 cents and another 100 million MTC being sold at 6 cents.
According to Sevim, the two phases of the token sale started in January and finished in February.
Sevim said the angel investors are from Germany, Turkey, and Denmark, but he did not disclose their names.
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