Polygon Labs has completed its acquisition of Coinme, providing its stablecoin payments platform with a regulated mechanism to convert dollars into digital assets and back across 48 US states.
Polygon announced that its US payments business now holds coverage through 37 money transmitter licenses and 11 exemptions. Additionally, the business is registered with the Financial Crimes Enforcement Network (FINCEN) as a money services business.
The transaction follows agreements announced in January to acquire both Coinme and wallet infrastructure provider Sequence for a combined total exceeding $250 million, alongside role consolidations at Polygon Labs. At the time of the announcement, Polygon CEO Marc Boiron stated that the team was necessary to facilitate the company's transition into a payments-focused blockchain enterprise.
Coinme operates as a licensed crypto exchange and cash-to-cryptocurrency platform, enabling users to purchase and sell digital assets using cash, debit cards, and bank transfers. According to Polygon, Coinme served over one million users and maintained a retail network across 50,000 locations when the purchase was initially disclosed.
Rahul Shinghal, co-founder and CEO of cross-border payments firm Tazapay and an early customer of the platform, noted that the Open Money Stack provides businesses with a direct pathway between stablecoins and local currency.
