Polygon Closes Coinme Deal, Gains US Payments Licenses Across 48 States

Polygon Labs has completed its acquisition of Coinme, giving its stablecoin payments platform a regulated way to convert dollars into digital assets and back across 48 US states.

A Fully Licensed Payments Business

Polygon said Wednesday its US payments business now holds 37 money transmitter licenses and 11 exemptions, and is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.

The acquisition follows agreements announced in January to buy Coinme and wallet infrastructure provider Sequence for more than $250 million combined. At the time, Polygon CEO Marc Boiron said the company needed the team to transition into a “leading payments-focused blockchain company.”

Why It Matters

Coinme is a licensed crypto exchange and cash-to-cryptocurrency platform that lets users buy and sell digital assets through cash, debit cards, and bank transfers. When the deal was first announced, Coinme had more than one million users and a retail network spanning 50,000 locations.

The combined offering — dubbed the Open Money Stack — gives businesses what cross-border payments company Tazapay calls “a more direct route between stablecoins and local currency.” Tazapay is one of the platform’s first customers.

The deal marks Polygon’s decisive pivot from a pure blockchain infrastructure provider into regulated payments — a bet that stablecoin rails, not speculation, will be the next mass-use case for crypto.

Source: TradingView, Cointelegraph