The Monad Foundation, the organization behind Blockchain Monad at high speed, acquires Stablecoin infrastructure infrastructure infrastructure platforms in order to extend the blockchain-based payments.
Monad said that acquisition would accelerate its thrust into the Stablecoin space and improve the tools available for developers and fintechs with digital dollars. Monad is a layer 1 blockchain compatible with the Ethereum virtual machine (EVM) and capable of more than 10,000 transactions per second.
Portal, which offers an integrated portfolio infrastructure designed for Stablecoin payments, will remain a separate brand operating as a subsidiary in exclusive property. Raj Parekh, co-founder of Portal and former executive of the Global Crypto Division of Visa, joins Monad as chief of payments and stablecoins.
The news comes while stablecoins make a moment of breakthrough in the wider financial world, fintechs and banks exploring the means to integrate the asset class for payments through borders.
Stablecoins are a type of cryptocurrency with prices related to an external asset, mainly to the US dollar, and promise faster and cheaper transactions using blockchain rails compared to the traiditional channels. Global Bank Citi analysts have planned that stablecoins could become a class of assets of 3.7 billions of dollars by 2030 with regulatory support.
Acquisitions also increase as the stablecoin space warms up. The Stripe payment company recently acquired the Stable, Bridge infrastructure company and the portfolio platform instead of improving its payment capacity supplied by the blockchain.
“Payments are a case of use of killer for blockchains and have an exciting unlocking for an adoption of generalized cryptography,” said Keone Hon, co-founder and managing director of the Monad Foundation, in a press release.
“Portal stable production stablecoin rails will provide companies and developers with Plug-And-Play solutions to integrate stablecoin payments into their platforms and applications,” he added.
Read more: Stablecoins could bring a moment of “Chatppt” to the adoption of blockchain, reach 3.7 t $ by 2030: Citi
