Monad Foundation acquired infrastructure for stablecoins

The Monad Foundation has acquired Portal Labs, which is behind the development of the infrastructure platform for the stablecoin Portal.

The deal is aimed at integrating payment solutions into the L1 blockchain Monad.

CEO and co-founder of Portal, Raj Parekh, will move to the Monad Foundation as the head of the translation department 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 be retained by 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.

Co-founder of Monad Foundation Kion Hong 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 for integrating payments in stablecoins into their platforms and applications," he noted.

Monad is a first-layer EVM-compatible blockchain focused on high throughput.

The portal provides an API and SDK for working with stablecoins on various blockchains.

Let us remind you that on February 19, the Monad development team launched the public testnet.