Turkey-based Metatime nets $11m


Turkey-based Metatime, a crypto exchange, has reportedly raised $11m in its seed funding round.

Yildiz Tekno GSYO served as the lead investor, according to a report from The Block. The Turkish investor acquired a 1% stake in Metatime at a total cost of $150,000.

 The rest of the $11m was supplied by 33 unnamed angel investors as part of the sale for MetaCoin (MTC). The sale saw 100 MTC sold at five cents and another 100 million MTC sold at 6 cents.

Metatime is looking to add to its team of 208 people and is also looking to hold several public token sales in the future. An upcoming pre-sale is coming soon, with MTC being offered at seven cents each.

The crypto company aims to establish the largest blockchain ecosystem with a variety of solutions. It is currently building an exchange, wallet, blockchain, NFT marketplace and a stablecoin.

Earlier in the year, the Central Bank of the Republic of Turkey ran its first test transactions on the digital Turkish Lira CBDC network. The central bank said it will continue to run limited, closed-circuit pilot tests with technology stakeholders in the first quarter of 2023.

The evaluation of the pilot has encouraged the central bank to extend the network to banks and tech firms. It will also look to run architectural tests on the use of the distributed ledger technologies.

In other crypto news, Tarabut Gateway partnered with crypto asset trading platform Rain. The aim of the deal is to foster faster and cost-effective fiat-to-crypto transactions for Bahrain end-users.

Tarabut Gateway claims to be the largest open banking platform in the MENA region.

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