Exclusive: Monad Foundation acquires stablecoin infrastructure project Portal

Key Points

1. The Monad Foundation acquired Portal, a stablecoin infrastructure provider, though financial terms were not disclosed.

2. Monad Foundation co-founder Keone Hon stated the acquisition aligns with their goal to grow the onchain economy.

3. Portal’s founder, Raj Parekh, highlighted the increasing real-world use cases for stablecoins, such as payments and banking.

4. The acquisition is part of a broader trend of increased M&A activity in the crypto space, including OpenSea’s acquisition of Rally and Stripe’s purchase of LiquiFi.

5. Monad and Portal aim to utilize existing infrastructure to further develop the onchain economy.