Abound chooses Monad for blockchain-based growth plan
Abound, a super-app catering to Indians in the US and supported by Times Internet, has selected Monad to help implement its blockchain-based growth strategy. This decision comes as Abound reported surpassing $500 million in remittance volumes over the past year, primarily driven by activity between the US and India markets.
The partnership aims to enhance Abound’s offerings, leveraging blockchain technology to streamline transactions and improve user experience. Given the significant remittance activity linked to the Indian diaspora in the US, this collaboration positions Abound to better compete in the fast-evolving fintech landscape.
Key takeaways
- ▸Abound has surpassed $500 million in remittance volumes within the last year.
- ▸The partnership with Monad will focus on integrating blockchain technology into Abound's services.
- ▸US and India are the primary markets contributing to Abound's growth in remittances.
- ▸Times Internet, part of the Times of India Group, backs Abound's operations.
Why this matters
This partnership enhances Abound's competitive edge in the remittance market by leveraging blockchain technology, which can lead to increased efficiency and lower transaction costs for users. As digital remittance services continue to grow in demand within the Indian diaspora, Abound's strategic pivot will likely attract more users looking for secure and efficient money transfer solutions.
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