Polygon Labs Acquires Coinme, Expanding US Payments Capabilities
- Polygon Labs has acquired Coinme, enhancing its stablecoin payments platform across 48 US states.
- The US payments business now holds 37 money transmitter licenses and has registered with FINCEN as a money services business.
- The acquisition is part of a larger strategy involving over $250 million spent to acquire Coinme and wallet provider Sequence.
- Coinme operates a cash-to-cryptocurrency platform with over one million users and a retail network of approximately 50,000 locations.
- The Open Money Stack aims to provide businesses with direct access between stablecoins and local currency.
This acquisition positions Polygon as a significant player in the regulated cryptocurrency payments sector, allowing seamless conversion between dollars and digital assets. The move is expected to enhance user access to stablecoins through established retail networks.
With the addition of Coinme’s infrastructure, Polygon now operates under extensive regulatory coverage in the US, facilitating transactions for users across multiple states.(Source)
