Polygon Labs has finalized its acquisition of Coinme, a move that grants its stablecoin payments platform a regulated pathway to convert dollars into digital assets and vice versa across 48 US states. Polygon announced on Wednesday that its US payments business now holds 37 money transmitter licenses and 11 exemptions, along with registration with the Financial Crimes Enforcement Network (FINCEN) as a money services business.
The deal follows January agreements to acquire both Coinme and wallet infrastructure provider Sequence for a combined total exceeding $250 million. Polygon CEO Marc Boiron had previously stated the company's aim to transition into a leading payments-focused blockchain firm. Coinme, a licensed crypto exchange and cash-to-cryptocurrency platform, allows users to buy and sell digital assets through cash, debit cards, and bank transfers.
At the time of the acquisition announcement, Coinme boasted over one million users and a retail network spanning 50,000 locations. Rahul Shinghal, co-founder and CEO of cross-border payments company Tazapay, highlighted that Open Money Stack offers businesses a more direct route between stablecoins and local currency.