Polygon Labs completes Coinme acquisition to expand U.S. payment reach

Polygon Labs has finalized its acquisition of the cryptocurrency exchange Coinme, a move designed to transition the company from a blockchain developer into a payment-oriented infrastructure provider. The deal completes a larger $250 million acquisition strategy announced in January that included the wallet infrastructure firm Sequence.

Through this acquisition, Polygon has secured 37 money transmitter licenses and 11 state-level exemptions, providing regulated payment capabilities across 48 U.S. states. The company is also registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN).

The integrated services will operate under the brand ‘Open Money Stack,’ a platform intended to bridge the gap between traditional fiat currency and digital assets. The platform allows businesses to manage the full payment lifecycle, including accepting cash, bank transfers, or card payments and settling transactions on-chain via stablecoins. Early adopters of the platform include fintech and cross-border payment companies such as Tazapay, Mesh, Toku, and Kira.