Monad Foundation announced the acquisition of Portal Labs, a stablecoin wallet infrastructure startup, as part of its strategy to strengthen payment infrastructure.
Details of the Deal
The announcement was made on July 9, and as a result, Portal will become a wholly owned subsidiary of Monad. Portal is known for its embedded stablecoin payment solutions, powering millions of daily transactions for businesses and developers. This acquisition gives Monad direct access to Portal’s payment rails, reinforcing its plans to make payments a central use case for blockchain.
Role of Portal and Its Leadership
Raj Parekh, Portal’s Chief Executive Officer and co-founder, will join Monad as its head of payments and stablecoins. He previously led Visa’s global crypto product strategy and has years of experience bridging traditional finance and DeFi. Raj Parekh stated: "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."
Technological Achievements of Monad
Monad’s blockchain is currently in testnet and has surpassed two billion transactions, achieving throughput of up to 10,000 transactions per second with sub-second finality. Its Ethereum-compatible network uses parallel execution and custom infrastructure to support large-scale decentralized applications. The mainnet launch is expected later this quarter.
The acquisition of Portal Labs highlights Monad’s strategic focus on developing payment systems in the blockchain space, which could significantly impact the adoption of stablecoins.
