Metatime, a Turkish crypto exchange that has yet to launch, raised $11 million in seed funding.

Turkish investment firm Yildiz Tekno GSYO and multiple undisclosed angel investors provided the funding, Metatime said.

Abdurrahman Kilic of Yildiz Tekno confirmed the investment to The Block. The firm's limited partners are some of Turkey's biggest companies including Halkbank, Turk Telekom and Kalyon Holding.

Crypto is popular in Turkey where inflation is sky-high and the currency is devalued. The country was ranked twelfth in Chainalysis's 2022 Global Crypto Adoption Index. Metatime is coming into a space already crowded with established crypto exchanges amid economic turmoil, including BtcTurk, Paribu and Bitay.

Yildiz invested $150,000 for 1% equity in Metatime, Yusuf Sevim, co-founder and CEO of Metatime, told The Block. He added that the rest of the funding — $11 million — was provided by angel investors in a token round.