Web3 blockchain ecosystem Metatime has raised $11 million in private funding ahead of the public sale of its MetaCoin (MTC) token. Metatime will use the funds raised from its two-part seed round to build out its comprehensive suite of web3 products.
The round was led by investors Yıldız Tekno GSYO A.Ş., Halkbank, Kalyon Holding, Yıldız Technical University, and Türk Telekom. More than 10 private angel investors also participated.
With Metatime’s public sale having commenced on March 3 and continuing until March 23, 10% of the MTC tokens acquired in the private sale will be made available upon completion. The remainder will be subject to 225 days’ linear vesting after the project’s main launch date on November 11.
“We are grateful to all of our seed investors who have supported and believed in us. Their commitments will enable us to make a major breakthrough in the field of blockchain technology and support our business growth,” said Yusuf Sevim, co-founder and chief executive officer (CEO) of Metatime.
Metatime is a complete blockchain ecosystem enabling individuals to make the shift to Web3 in all its forms. From non-fungible tokens (NFTs) to trading and gaming to saving, Metatime incorporates a range of over 70 products that will give users full control over their finances, identity, and assets. The MTC token is central to this ecosystem, rewarding its MetaChain blockchain validators and creating a circular economy.
MTC will power every transaction in the Metatime ecosystem and will have a maximum supply of 10 billion tokens. In addition to facilitating asset transfers, the token will maintain the supply-demand balance through fixed burn formulas.
Along with MTC, Metatime is developing a blockchain and native crypto exchange, called MetaExchange, to provide the basis for its Web3 strategy.
The blockchain will be powered by Proof of Meta consensus mechanism that will allow web3 users to participate in network validation and earn MTC rewards.
MetaExchange aims to become the first centralized cryptocurrency exchange to provide complete order book transparency, demonstrating that all trades are placed correctly with no market manipulation attempts. The platform is designed for traders of all ability levels and will charge zero fees on trades that are closed out at a loss. A copy trading feature will give novices an opportunity to profit from emulating expert traders.
Metatime is also developing MetaLaunchpad, which will grant network users access to new projects launching on MetaChain, as well as a MetaNFT Marketplace, MetaExplorer, MetaWallet, and MetaStablecoin.
Source: https://coinpedia.org/information/metatime-raises-11m-to-develop-web3-ecosystem/