The Monad Foundation, an organisation focused on the development and adoption of the Monad blockchain network, has announced its acquisition of Georgia-based Portal Labs, the team behind Portal, an embedded infrastructure platform for stablecoin wallets.
The move is expected to integrate a full-stack payments solution into Monad, a high-throughput Layer-1 blockchain, while advancing Portal’s goal of simplifying stablecoin payments for both web2 and web3 businesses.
As part of the acquisition, Portal’s CEO and Co-Founder Raj Parekh will join the Monad Foundation as Head of Payments and Stablecoins.
Previously Director of Visa’s Global Crypto Product, Parekh brings experience in stablecoins, payment systems, and on-chain finance.
In his new role, he will focus on fostering adoption of stablecoin ecosystems by supporting issuers, payment platforms, financial institutions, and fintech firms in developing and scaling their stablecoin-based offerings.
Portal will continue to operate independently as a wholly-owned subsidiary of the Monad Foundation, led by its current team, Parsa Attari as CEO, David Scrobonia as CTO, and Rami Shahatit as COO.
With Monad’s blockchain added to Portal’s multi-chain approach, the company plans to accelerate the development of new modules and tools aimed at making stablecoin payments more accessible to developers and users.
Monad’s network, which has recorded over two billion transactions across more than 300 million on-chain addresses and reaches peak throughput levels exceeding 10,000 transactions per second, is designed for large-scale usage.
Portal’s infrastructure already facilitates millions of dollars in daily stablecoin settlement through its integration toolkit.
The acquisition aims to support broader adoption of stablecoin payments and on-chain financial activity.
Raj Parekh commented:
“Portal was built to lower the barrier for anyone to move money onchain. The complementary visions of Portal and the Monad Foundation will scale that mission faster.”
Keone Hon, Co-Founder and GM of the Monad Foundation, added:
“Payments are a killer use case for blockchains and present an exciting unlock for widespread crypto adoption. Portal’s production-grade stablecoin rails will provide enterprises and developers with plug-and-play solutions to incorporate stablecoin payments into their platforms and apps.”
Featured image credit: Edited by Fintech News America, based on image by thanasak via Freepik
