Polygon’s acquisition of Coinme, completed on October 14, gives its blockchain payments operation a regulatory footprint spanning 48 US states. The deal brings state money-transmitter licences, exemptions and federal registration into Polygon Labs’ effort to connect on-chain settlement with regulated US money movement.
Key takeaways
- Coinme brings 37 state licences and 11 exemptions to Polygon.
- Polygon valued the Coinme and Sequence transactions together at more than $250 million.
- The integrated payments platform is being introduced to selected customers.
Polygon’s Coinme acquisition includes a broader payments package
Coinme is a US crypto payments and cash-access business. On October 14, Polygon Labs announced that it had finalized the deal, a move that formed part of a broader acquisition plan unveiled in January, which also covered Sequence, a wallet infrastructure company.
Polygon previously put the combined transactions’ value at more than $250 million. That figure covers both acquisitions, rather than Coinme alone.
State licences and federal registration expand coverage
The acquisition brings 37 state money-transmitter licences plus 11 applicable exemptions, together covering 48 states. It also includes registration with the Financial Crimes Enforcement Network as a money services business.
These permissions address the regulated side of moving money, alongside Polygon’s blockchain technology. Businesses offering stablecoin payments must meet customer-check requirements, money-transmission obligations and rules governing cash handling.
Polygon Open Money Stack connects bank money with on-chain settlement
The licences support Polygon Open Money Stack, infrastructure designed to bring money from banks and cards into on-chain settlement, then move it back out to recipients. The Coinme acquisition supplies regulatory permissions for that payments operation.
Polygon names Tazapay, Mesh, Toku and Kira among its customers. Their businesses span cross-border payments, financial connections and payroll.
Selected-customer rollout, not a nationwide consumer launch
Polygon’s acquisition of Coinme strengthens its ability to meet US regulatory requirements for crypto payment services, but the completed transaction does not amount to an immediate nationwide consumer launch.
Polygon says it is still introducing the unified platform to selected customers. The integrated offering is not yet available as a nationwide consumer product.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.