Monad Foundation acquires stablecoin infrastructure developer Portal Labs

On July 10, it was reported by The Block that Monad Foundation will acquire stablecoin infrastructure developer Portal Labs. This acquisition will provide Monad with a full-stack payment solution while integrating Monad’s blockchain technology into Portal’s multi-chain strategy. According to reports, after the acquisition is completed, Portal co-founder and CEO Raj Parekh will join Monad Foundation as Head of Payments and Stablecoins. Portal Labs will operate as a subsidiary under Monad Foundation. Portal Labs has developed infrastructure such as software development kits and application programming interfaces, enabling developers to more easily implement stablecoin payment functions in their products. Portal supports over 100 blockchains, including Solana, Bitcoin, Ethereum, and networks compatible with the Ethereum Virtual Machine.