Polygon Labs completes acquisition of Coinme to expand payments business

Polygon Labs has completed its acquisition of Coinme, a U.S.-regulated cryptocurrency cash exchange network. The move signals a strategic shift for the blockchain developer as it expands from providing infrastructure into the regulated payments sector.

Through this acquisition, Polygon gains access to 37 state money transmitter licenses and 11 exemptions, providing regulatory coverage across 48 U.S. states. The integration aims to connect on-chain settlement with traditional money movements via the company’s Open Money Stack, a framework designed for stablecoin-based payments and cross-border transfers.

CEO Marc Boiron described Polygon as “a payments-focused company that just uses blockchains to move money,” noting that the deal allows the company to manage customer relationships directly and retain fees that previously went to third-party intermediaries. Polygon expects its regulated payments business to become profitable by 2027. The acquisition is part of a broader expansion plan that includes the recent purchase of Sequence, with the combined value of these transactions estimated at over $250 million.