Polygon gains US payments licenses after closing Coinme deal
Polygon acquires Coinme to build regulated US payments network
Polygon Labs has completed its acquisition of Coinme, a licensed cryptocurrency exchange and cash-to-crypto platform. The deal gives Polygon's US payments business access to 37 money transmitter licenses and 11 state exemptions, covering operations in 48 US states.
Polygon also confirmed its US payments operation is registered with the Financial Crimes Enforcement Network (FINCEN) as a money services business. FINCEN is a US agency that tracks financial crimes and requires certain businesses to register when handling money transfers.
The acquisition gives Polygon a regulated way to let users convert dollars into digital assets and back, using its Open Money Stack payments platform.
Deal details and background
- The acquisition was first announced in January as part of a combined deal to buy Coinme and wallet infrastructure provider Sequence for more than $250 million.
- Polygon consolidated some roles at Polygon Labs as part of the transition.
- Polygon CEO Marc Boiron said the company needed the team to transition into a "leading payments-focused blockchain company."
- When the deal was announced, Coinme reported over one million users and a retail network spanning 50,000 locations across the US.
What the Open Money Stack offers
The Open Money Stack is Polygon's payments platform designed to help businesses move between stablecoins and local currency. Stablecoins are digital tokens pegged to the value of a fiat currency like the US dollar.
Rahul Shinghal, co-founder and CEO of cross-border payments company Tazapay, said the platform gives businesses "a more direct route between stablecoins and local currency." Tazapay is one of the first customers of Open Money Stack.
Why this matters for Polygon
The acquisition marks a significant shift for Polygon, which has long been known primarily as a blockchain infrastructure project. By acquiring Coinme, Polygon is moving more directly into the payments space, aiming to become a leading payments-focused blockchain company rather than just a technology provider.
Having money transmitter licenses in 37 states and FINCEN registration gives Polygon a regulated framework to operate US payments — something many crypto companies struggle to achieve due to the complex web of state-by-state licensing requirements.
What is still unclear
The source material does not provide details on how many of the 50,000 Coinme retail locations will continue operating under Polygon's ownership, nor does it specify any timeline for integrating Coinme's operations into Polygon's existing payments infrastructure.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.