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