Polygon Labs completed its acquisition of Coinme on October 14, extending its U.S. payments operations with regulated money-transfer infrastructure spanning 48 states. The deal combines blockchain transactions with traditional banking channels and stablecoin services through Polygon's Open Money Stack framework.
Coinme brings 37 state money transmitter licenses and 11 applicable exemptions, along with FinCEN registration as a money services business. The acquired company operates more than one million app users and provides access to roughly 50,000 U.S. retail locations.
Addressing Payment Infrastructure Gaps
The acquisition addresses a practical limitation in blockchain-based payments. Digital-asset transfers alone do not handle all stages of customer funding or bank withdrawals. By combining fiat access with wallets and blockchain settlement, the platform creates a more complete payments framework for cross-border transactions and bank conversions.
Coinme, founded in 2014, developed digital-asset channels through retail cash outlets, debit cards and banking connections. Polygon first disclosed agreements to acquire Coinme and wallet provider Sequence in January, with combined valuations above $250 million.
Initial Integration Partners
Four companies are integrating services through Open Money Stack, though transaction volumes and processing details remain undisclosed:
- Tazapay: Cross-border business payments serving over 1,000 clients across 30-plus countries
- Mesh: Account funding integration across a network of more than 300 wallets, exchanges and financial companies
- Toku: Global payroll operations across more than 100 countries, converting stablecoin earnings to local currency
- Kira: Stablecoin options with U.S. bank accounts, ACH, Fedwire, FedNow and international transfers
Open Money Stack remains in technical preview for selected customers as the unified integration develops.
