TechFlow news, October 17 — According to CoinDesk, Mento Labs, the development team behind Mento, a decentralized EVM platform on the Celo network, announced it has raised $10 million in funding. The round was supported by T-Capital, HashKey Capital, Richard Parsons, Flori Ventures, No Limit Holdings, Verda Ventures, and w3.fund.
Mento Labs also unveiled its stablecoin roadmap, planning to add three new local digital currencies to its growing suite of decentralized stablecoins: the Philippine Peso (PUSO), Colombian Peso (cCOP), and Ghanaian Cedi (cGHS).
According to project documentation, the Mento stability protocol functions as an over-collateralized, decentralized, and transparent stable asset mechanism. Leveraging cryptographic reserves, the protocol enables users to adjust the supply of Mento stable assets in response to changes in demand, and allows exchanges between Mento stable assets and reserve collateral assets.
