- Polygon completed its acquisition of Coinme and expanded its US payments coverage across 48 states.
- The deal added 37 money transmitter licenses and 11 state exemptions to Polygon’s payments business.
- Polygon said its US payments unit is also registered with FINCEN as a money services business.
Polygon payments moved further into regulated US operations after Polygon Labs completed its acquisition of Coinme. The transaction gives the company a way to convert dollars into digital assets and back through its stablecoin payments platform across 48 US states. Polygon said its US payments business now operates with 37 money transmitter licenses and 11 exemptions, while also holding registration with the Financial Crimes Enforcement Network as a money services business. The update follows earlier agreements announced in January, when Polygon said it would acquire Coinme and wallet infrastructure provider Sequence in deals worth more than $250 million combined.
Polygon payments gains US regulatory reach
Polygon Labs said it has finished the Coinme acquisition, a move that strengthens the company’s US payments footprint. With the deal completed, Polygon’s stablecoin payments platform now has a regulated path for moving between dollars and digital assets in 48 states.
The company said Wednesday that its US payments business now includes 37 money transmitter licenses and 11 exemptions. Polygon also said the business is registered with the Financial Crimes Enforcement Network, or FINCEN, as a money services business.
What the Coinme deal adds
Coinme is described as a licensed crypto exchange and a cash-to-cryptocurrency platform. Its services allow users to buy and sell digital assets using cash, debit cards and bank transfers.
When Polygon first announced the acquisition, it said Coinme had more than one million users. Polygon also said Coinme’s retail network covered 50,000 locations, giving the acquired business a broad existing reach.
Polygon payments and the January acquisition plan
The completed transaction follows agreements announced in January to acquire both Coinme and wallet infrastructure provider Sequence. Polygon said the two deals together were worth more than $250 million, while the company was also consolidating some roles at Polygon Labs.
At the time, Polygon CEO Marc Boiron said the company needed the team to transition into a “leading payments-focused blockchain company.” That comment framed the acquisitions as part of a broader shift toward payments operations.
Early customer comments on the platform
Rahul Shinghal, co-founder and CEO of cross-border payments company Tazapay, commented on Open Money Stack, one of the platform offerings mentioned alongside the payments push. He said it gives businesses “a more direct route between stablecoins and local currency.”
Tazapay was identified as one of the platform’s first customers. The comment points to how Polygon is positioning the business for companies that need links between stablecoins and local currencies.
Conclusion
Polygon payments expanded its US presence after Polygon Labs closed the Coinme acquisition, bringing regulated dollar-to-digital-asset conversion across 48 states. The company said the deal added 37 money transmitter licenses and 11 exemptions, and that its US payments business is registered with FINCEN as a money services business. The acquisition builds on the January plan to buy Coinme and Sequence for more than $250 million combined. Polygon has tied these moves to a payments-focused strategy, while Coinme’s more than one million users and 50,000 retail locations show the scale of the business that has now been added.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
Featured image created by AI
