Polygon Labs Completes Coinme Acquisition to Expand US Payments
Polygon Labs has finalized its purchase of Coinme, giving its stablecoin infrastructure regulated payment access across 48 US states. The platform now operates under 37 money transmitter licenses and 11 state exemptions, while maintaining registration with the Financial Crimes Enforcement Network as a money services business. Polygon Ecosystem Token (COINBASE:POLUSD) was trading down 0.04 percent at $0.09528 following the announcement.
The closing completes part of a broader expansion announced in January, when Polygon agreed to acquire Coinme and wallet infrastructure provider Sequence for more than $250 million combined. Under Chief Executive Officer Marc Boiron, the firm aims to convert Polygon into a payments-focused blockchain network. Coinme adds more than one million users and 50,000 retail access points that handle digital asset conversions via debit cards, bank transfers, and cash.
Market participants will watch how businesses implement the Open Money Stack to move between stablecoins and local currencies. Cross-border payments firm Tazapay, an early platform user, noted the architecture provides a direct bridge between digital assets and local fiat money, making platform adoption a key indicator for growth.
Key points
- Polygon Labs completed its purchase of Coinme, securing payment access across 48 US states.
- The business holds 37 money transmitter licenses, 11 exemptions, and FINCEN registration.
- Coinme brings more than one million users and a retail network spanning 50,000 locations.
- The transaction is part of a combined $250 million deal that included wallet provider Sequence.
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How we writeDisclaimerQuestions and answers
What licenses did Polygon gain through the Coinme acquisition?
Polygon secured 37 money transmitter licenses and 11 state exemptions, as well as registration with FINCEN as a money services business, allowing payment operations across 48 US states.
How much did Polygon spend on its payment acquisitions?
Polygon agreed to spend more than $250 million combined to acquire crypto exchange Coinme and wallet infrastructure provider Sequence.
What services does Coinme provide for crypto users?
Coinme allows users to buy and sell digital assets using cash, debit cards, and bank transfers through a retail network of over 50,000 locations and more than one million users.