Digital asset solution Mento Labs completes $10 million financing, with participation from HashKey Capital and others

ChainCatcher news, according to CoinDesk, the development team Mento Labs of the decentralized EVM platform Mento on the Celo network announced the completion of a $10 million funding round. 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 a stablecoin roadmap, planning to add three local digital currencies to its expanding decentralized stablecoin lineup: Philippine Peso (PUSO), Colombian Peso (cCOP), and Ghanaian Cedi (cGHS).

According to project documentation, the Mento stability protocol can be seen as an over-collateralized, decentralized, and transparent stable asset mechanism. The protocol utilizes crypto reserves, allowing users to adjust the supply of Mento stable assets based on demand changes. Users can exchange between Mento stable assets and reserve collateral assets through this protocol.

Additionally, the Web3 asset data platform RootData shows that Mento Labs is an innovation lab for stablecoins and digital assets, derived from cLabs (Celo). The lab provides a basket of cryptocurrency asset platforms for Mento, with all Mento stablecoins (cEUR, cREAL, cUSD) fully backed by USDC and DAI. Furthermore, Mento also has support for loyalty and engagement, regenerative finance, as well as risk management, monitoring, and maintenance.