Monad Foundation has announced its acquisition of Portal Labs, a stablecoin wallet infrastructure startup. This move aims to enhance the foundation's payment solutions ahead of the mainnet launch.
Details of the Portal Labs Acquisition
The acquisition was officially announced in a press release on July 9, posted on Business Wire. Portal, which provides embedded stablecoin payment tools for developers and businesses, will become a wholly owned subsidiary of the Monad Foundation. The deal gives Monad access to Portal’s payment infrastructure, which powers millions of dollars in daily on-chain volume.
Portal's Role in Monad's Strategy
Portal's CEO and co-founder Raj Parekh will join Monad Foundation as the head of payments and stablecoins. He previously led Visa’s global crypto product strategy and brings experience from both traditional and decentralized finance.
CITE_W_A: “Portal was built to lower the barrier for anyone to move money on-chain. The complementary visions of Portal and the Monad Foundation will scale that mission faster.” — Raj Parekh, CEO and co-founder of Portal.
Monad's Prospects and Future Steps
Monad is currently operating on testnet and has processed over 2 billion transactions to date, achieving a throughput of 10,000 transactions per second and block finality in under one second. A mainnet launch is expected later this quarter. Monad co-founder Keone Hon stated, '[Payments are a killer use case for blockchains], and Portal’s production-grade stablecoin rails will provide enterprises and developers with plug-and-play solutions to integrate stablecoin payments into their platforms and apps.'
With the acquisition of Portal Labs, Monad Foundation aims to integrate stablecoins into payment solutions, which could significantly reshape the fintech landscape.
