SAN FRANCISCO--(BUSINESS WIRE)--Monad Foundation, an organization dedicated to the development, adoption, and growth of the Monad blockchain network, today announced its acquisition of Portal Labs, the team behind Portal, an embedded stablecoin wallet infrastructure platform. The acquisition will bring a full-stack payments solution to Monad, a high throughput Layer-1 blockchain, and amplify Portal’s mission to make stablecoin-powered payments effortless for web2 and web3 businesses.
- Leadership evolution: Portal CEO and Co-Founder Raj Parekh will join the Monad Foundation as Head of Payments and Stablecoins. Formerly Director of Visa’s Global Crypto Product, Raj brings deep expertise in stablecoins, payment networks, and onchain finance and will drive stablecoin ecosystem adoption by enabling issuers, payment platforms, financial institutions, and fintechs to build, deploy, and accelerate their stablecoin based products.
- Expanded, ambitious roadmap: Portal will continue to operate independently as a wholly-owned subsidiary of the Monad Foundation and support its customers with co-founders Parsa Attari as CEO, David Scrobonia as CTO, and Rami Shahatit as COO at the helm. With the addition of the high-throughput, low latency Monad blockchain to Portal’s multi-chain strategy, Portal will accelerate development of new modules and developer tooling to make stablecoin payments ubiquitous.
- Building a supercharged payments ecosystem: With 2B transactions from over 300M onchain addresses and peak throughput of over 10,000 transactions per second, Monad is purpose-built for real usage at scale. Portal powers millions of dollars in daily stablecoin settlement via its out-of-the-box toolkit for payments integration. This acquisition will enable both organizations to grow the overall market for onchain payments and stablecoin issuance.
Raj Parekh, CEO and Co-Founder of Portal and incoming Head of Payments and Stablecoins at the Monad Foundation, said: “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.”
Keone Hon, Co-Founder and GM of the Monad Foundation, said: “Payments are a killer use case for blockchains and present an exciting unlock for widespread crypto adoption. Portal’s production-grade stablecoin rails will provide enterprises and developers with plug-and-play solutions to incorporate stablecoin payments into their platforms and apps.”
About the Monad Foundation
The Monad Foundation is dedicated to the development, adoption, and growth of the Monad blockchain network, a high-performance, EVM-compatible L1 built for massive parallel execution and ultra-low-latency settlement. Read more here. The Monad Foundation supports open-source research, developer grants, and ecosystem initiatives that push the boundaries of decentralized computing. Monad Testnet is currently live and can be explored here.
About Portal
Portal is a fast, flexible, and secure stablecoin finance developer platform that provides developer-friendly APIs/SDKs infrastructure for moving and accepting stablecoins across any blockchain. Founded by alumni of Visa, Brex, Segment, and Blend, Portal powers millions of dollars in daily stablecoin settlement for fintechs and crypto startups. Read more about Portal here.
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