ChainCatcher reported that according to CoinDesk, Mento Labs, the development team of Mento, a decentralized EVM platform on the Celo network, announced the completion of a $10 million financing. This round of financing was supported by T-Capital, HashKey Capital, Richard Parsons, Flori Ventures, No Limit Holdings, Verda Ventures and w3.fund.
Mento Labs also announced its stablecoin roadmap, planning to add three new local digital currencies to its growing lineup of decentralized stablecoins: the Philippine Peso (PUSO), the Colombian Peso (cCOP), and the Ghanaian Cedi (cGHS).
According to the project documentation, the Mento Stability Protocol can be considered an over-collateralized, decentralized, and transparent stable asset mechanism. The protocol uses crypto reserves to allow users to adjust the supply of Mento stable assets as demand changes. Users can exchange between Mento stable assets and reserve collateral assets through the protocol.
According to Web3 asset data platform RootData, Mento Labs is a stablecoin and digital asset innovation laboratory that was derived from cLabs (Celo). The lab provides the Mento basket of cryptocurrency asset platforms, and all Mento stablecoins (cEUR, cREAL, cUSD) are fully supported by USDC and DAI. In addition, Mento also has support for loyalty and engagement, regenerative finance, and risk management, monitoring, and maintenance.
