Monad Foundation Enhances Stablecoin Ecosystem with Acquisition of Portal Labs

The Monad Foundation has completed the acquisition of Portal Labs, the team behind the development of the Portal infrastructure platform for stablecoins.

This deal aims to incorporate payment solutions into the Monad Layer 1 blockchain.

Raj Parekh, the CEO and co-founder of Portal, will join Monad Foundation as the head of the transfers and stablecoins department. Previously, he served as the director of global cryptocurrency products at Visa.

Portal will continue to operate as an independent subsidiary of Monad Foundation. The management team will remain in place, led by co-founders Parsa Attari (CEO), David Scrobonia (CTO), and Rami Shahati (COO).

Integrating with Monad will enable Portal to accelerate the development of new tools for stablecoin transactions.

Kion Hong, co-founder of Monad Foundation, emphasized that payments represent a crucial use case for blockchains.

“Transfers are a significant step towards the widespread adoption of cryptocurrencies. Portal’s solutions will provide developers and businesses with ready-to-use tools for integrating stablecoin payments into their platforms and applications,” he noted.

Monad is a Layer 1 blockchain compatible with the EVM, designed for high throughput.

Portal offers APIs and SDKs for stablecoin operations across different blockchains.

It’s worth recalling that on February 19, the Monad development team launched a public testnet.