Polygon Completes Deal and Gains US Payments License

Polygon Labs has finalized its acquisition of cryptocurrency payments provider Coinme, expanding its regulated stablecoin payment infrastructure across 48 US states.

The acquisition enables Polygon's payments platform to support conversions between US dollars and digital assets through an established regulatory framework, strengthening its ability to serve businesses seeking blockchain-based payment solutions.

In an announcement, Polygon confirmed that its US payments operations now have regulatory coverage through 37 money transmitter licenses and 11 exemptions. The business is also registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.

Polygon expands regulated stablecoin payments across the US

The acquisition of Coinme provides Polygon with additional infrastructure for converting traditional currencies into cryptocurrencies and vice versa. Coinme operates as a licensed cryptocurrency exchange and cash-to-crypto platform, allowing customers to purchase and sell digital assets using cash, debit cards and bank transfers.

When Polygon initially announced the acquisition, Coinme served more than one million users and maintained a retail distribution network covering approximately 50,000 locations. By integrating Coinme's services, Polygon aims to strengthen its ability to connect traditional financial systems with blockchain-based payments, particularly for businesses using stablecoins.

The expanded regulatory coverage could also support the development of payment solutions that allow companies to move funds between conventional banking channels and digital asset networks.

Coinme acquisition forms part of Polygon's payments strategy

The completed transaction follows acquisition agreements announced in January, when Polygon revealed plans to purchase Coinme and cryptocurrency wallet infrastructure provider Sequence. The two transactions were valued at more than $250 million combined and were accompanied by organizational changes, including the consolidation of certain positions at Polygon Labs.

At the time, Polygon CEO Marc Boiron explained that the company needed the additional expertise and infrastructure to evolve into a “leading payments-focused blockchain company.” The acquisitions reflect Polygon's broader strategy of expanding beyond blockchain network development into payment services that combine digital asset infrastructure with regulated financial operations.

Open Money Stack targets stablecoin and fiat integration

Polygon's payments expansion also supports its Open Money Stack platform, which is designed to connect stablecoin transactions with traditional currencies and payment infrastructure. The platform aims to simplify the movement of funds between digital assets and local currencies, offering businesses an integrated solution for managing blockchain-based payments.

Rahul Shinghal, co-founder and CEO of cross-border payments provider Tazapay, highlighted the potential benefits of the infrastructure. Shinghal, whose company is among Open Money Stack's first customers, said the platform provides businesses with “a more direct route between stablecoins and local currency.”

With Coinme's acquisition complete, Polygon is positioning its payments business to serve companies seeking regulated access to stablecoins and more efficient connections between cryptocurrency networks and conventional financial systems.

Sources:

https://cointelegraph.com/news/polygon-gains-us-payments-licenses-after-closing-coinme-deal

https://polygon.technology/blog/polygon-open-money-stack-us-regulated-payments-platform