MentoLabs.xyz – GoDaddy customer– (Germany)
Developers focused on driving decentralized finance (DeFi) adoption launch cutting-edge platforms on .xyz domains. Prime brokerage firm Arkis.xyz is geared towards accelerating the adoption of DeFi. Crypto payment platform Kulipa.xyz partnered with Mastercard to simplify digital transactions worldwide. Tech startup Narval.xyz is focused on simplifying web3 wallet management. In this week’s #BlockchainThursday, we’ll introduce you to an organization aiming to advance financial inclusion by simplifying digital transactions through decentralized stablecoins: MentoLabs.xyz.
MentoLabs.xyz is the online home of Mento Labs, a Germany-based technology development organization focused on advancing the web3 economy through innovative stablecoin solutions. As the team behind Mento, a decentralized EVM platform on the Celo blockchain, 1Mento Labs creates digital assets aimed at enabling financial inclusion and supporting global economic access. With a mission centered on transparency and stability, Mento Labs builds decentralized financial tools designed to help users worldwide interact with secure, reliable digital currencies. On October 15, 2024, Mento Labs reported that they secured $10 million in funding from investors including T-Capital, HashKey Capital, Richard Parsons, Flori Ventures, No Limit Holdings, Verda Ventures, and w3.fund. This capital is intended to support the development of Mento. In November 2024, At ETHMilan 2024, CEO Markus Franke participated in a panel discussion on Real World Assets (RWAs) alongside representatives from Mountain Protocol and Backed Finance. During the panel, Markus highlighted Mento’s focus on developing local currency stablecoins, such as the recently launched cKES (Kenya Shilling) and PUSO (Philippine Peso), to facilitate financial inclusion in emerging markets.
The organization drives real-world applications of digital assets, using blockchain technology to facilitate multi-currency stable assets across various emerging markets. The Mento Platform supports stablecoins like cUSD (Celo Dollar), cEUR (Celo Euro), and cKES (Kenya Shilling), helping users access digital financial assets that align with their local currencies. Through a decentralized AMM (automated market maker) infrastructure, Mento Labs aims to help users easily exchange stablecoins, promoting flexible on-chain interactions for international transactions and personal finance. Additionally, Mento’s governance model invites community participation, fostering transparency in platform development as the team works toward expanding the stablecoin ecosystem with new local currencies.
MentoLabs.xyz outlines a range of practical use cases for its stablecoins, illustrating how these digital assets can be utilized for diverse financial needs worldwide. Each use case, such as Payments, Savings, and On-Chain Foreign Exchange (FX), is designed to demonstrate the unique benefits Mento stablecoins provide, highlighting their versatility and potential impact, particularly in emerging markets. One notable use case is Remittances, where Mento stablecoins provide an option for cross-border transfers. For users in regions with limited or costly traditional banking services, Mento stablecoins can facilitate secure, transparent transactions using blockchain technology. This system helps individuals send and receive remittances from mobile device to mobile device, potentially reducing the delays and fees associated with conventional remittance channels. This model can help expand financial access and offer additional support to individuals who rely on remittances.
CEO and co-founder Markus Franke leads a team of economists, engineers, and web3 engineers in developing Mento, their open protocol designed to bring digital currencies to real-world use. Since October 2022, Markus has guided Mento Labs’ mission to enable stable assets for diverse global markets, aiming to make digital currency accessible to the next billion web3 users. Previously, he served as a Partner and board member at fintech organization cLabs.
Mento Labs’ decision to build its online presence on .xyz aligns with its forward-looking approach to digital finance. As a platform dedicated to advancing the web3 economy and creating global access to stablecoin solutions, MentoLabs.xyz reflects both innovation and accessibility. The .xyz domain lends Mento Labs with a memorable and universally recognized digital identity that resonates with web3 users and tech-driven communities worldwide. MentoLabs.xyz emphasizes the organization’s commitment to breaking new ground in financial inclusion and engaging a diverse, global audience. You can learn more about Mento Labs by following the organization on X/Twitter and LinkedIn, and by visiting MentoLabs.xyz.
1.https://www.mento.org/XYZ is proud to share about the many incredible members that make up the XYZ community! We encourage you to do your own research before using the products and services of the websites we feature. The information about products and services contained in this blog post does not constitute endorsement or recommendation by XYZ.
