The Monad Foundation has acquired Portal Labs, the company behind the Portal stablecoin infrastructure platform.
The acquisition aims to integrate payment solutions into the Monad L1 blockchain.
Portal’s CEO and co-founder, Raj Parekh, will join Monad Foundation as the head of transfers and “stablecoins.” Previously, he served as the director of global crypto products at Visa.
Portal will continue to operate as an independent subsidiary of Monad Foundation. The management will remain with co-founders Parsa Attari (CEO), David Skrobonia (CTO), and Rami Shahatit (COO).
Integration with Monad will allow Portal to accelerate the development of new tools for stablecoin operations.
Monad Foundation co-founder Keone Hon added that payments are a key use case for blockchains.
“Transfers are an important step for the mass adoption of cryptocurrencies. Portal’s solutions will provide developers and companies with ready-made tools to integrate stablecoin payments into their platforms and applications,” he noted.
Monad is an EVM-compatible layer-one blockchain focused on high throughput.
Portal offers an API and SDK for working with stablecoins across various blockchains.
In February, the Monad development team launched a public testnet.