Cryptocurrency payment company Slash partners with Mantle Network to migrate ecosystem from Ethereum

9 months ago 32

Promoting business in Japan

Crypto asset (virtual currency) payment service company Slash Fintech Limited (hereinafter referred to as Slash Fintech) announced on the 30th that it has entered into a strategic partnership with modular blockchain company “Mantle Network” (hereinafter referred to as Mantle).

Previously, we aimed to build an ecosystem on Ethereum (ETH), but due to rising gas costs and the need to support individually optimized market structures due to the spread of L2 and modular blockchain, we moved to Mantle. Then an explanation. The company says that it will promote business development in the Japanese market through collaboration with Mantle.

Slash News

Slash Fintech enters into a strategic partnership with Mantle Network! Regarding the migration of the SVL ecosystem to Mantle Network

:https://t.co/TerffyeElx pic.twitter.com/vYoG62YglT

—[／]Slash Web3 Payments (@SlashWeb3) January 30, 2024

What is Mantle?

Ethereum L2 network. Its main feature is that it uses a modular structure that combines Optimistic Rollup protocols and data availability (DA) solutions.

Virtual currency glossary

Modular means that parts can be combined to form a network. Since processing transactions and storing data using only one blockchain increases the burden and cost of use, modular blockchains have recently been developed and popularized.

Slash Fintech will provide a virtual currency payment service called “Slash Payment” from August 2022. The company made Slash Payment compatible with Mantle in January and explains that it has been aiming to develop the Mantle ecosystem using virtual currency payments.

By building on Mantle, Slash Payment users will be able to make instant payments at lower gas prices.

Additionally, through this partnership, Slash Fintech will promote the spread of Mantle in the Japanese and Asian markets, and strive to achieve medium- to long-term growth and improve corporate value.

Mantle’s project commented:

With this partnership, we are excited to expand real-life use cases for tokens in the Mantle ecosystem.

Slash Fintech has a very large presence in the Japanese market, and Mantle ecosystem apps will also have new prospects in Japan.

Regarding the future, Slash Fintech explained that in addition to aiming to support multi-chain Slash Payment and increase the number of implementations in each market, Slash Fintech also plans to diversify its payment business in response to its original business and customer needs.

connection: What is the outlook for “Slash Payment with JPYC Pay”, which allows instant conversion of Japanese yen through crypto asset payments?[Original interview]

About the SVL Ecosystem

Slash Fintech plans to list a token called “Slash Vision Labs Token (SVL)” on a virtual currency exchange in the first half of 2024. He explained that through this partnership, they have decided to migrate the SVL ecosystem based on this token from Ethereum to Mantle.

The company also plans to introduce a token called “veSVL” to the SVL ecosystem and build a new payment business that will return business profits to veSVL holders.

100% of the revenue generated from the company’s payment business will be used to purchase Mantle tokens (MNT), and veSVL holders will be rewarded with MNT. Furthermore, the SVL allocated to the reward pool will also be granted at the same time.