Polygon Labs Banks 48 States: Coinme Deal Closes, POL Still Reading Sad Charts 📉

Polygon Labs has completed its acquisition of Coinme, turning the blockchain developer into a U.S.-regulated payments business with money transmitter coverage in 48 states, the company confirmed on October 14. The deal brings 37 state money transmitter licenses and 11 applicable exemptions into Polygon Labs' Open Money Stack platform, and the unit is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.

The transaction is part of a combined $250 million acquisition package announced in January, which also includes wallet infrastructure provider Sequence. At the time, Polygon Labs CEO Marc Boiron said the company needed the teams to transition into a "leading payments-focused blockchain company." Coinme operates as a licensed crypto exchange and cash-to-cryptocurrency platform supporting cash, debit cards and bank transfers, with more than one million users and a retail network of 50,000 locations, according to Polygon.

"Completing the Coinme acquisition brings regulated U.S. money movement into Open Money Stack," Boiron said. Polygon Labs named Tazapay, Mesh, Toku and Kira as the platform's initial customers for stablecoin payment infrastructure. "Open Money Stack gives businesses a more direct route between stablecoins and local currency," said Rahul Shinghal, co-founder and CEO of cross-border payments company Tazapay.

Despite the announcement, POL, the network's native token, declined 3.38%, while four businesses formally adopted Open Money Stack. Polygon Labs said the integration links regulated money transfers, digital wallets, and cross-chain transaction routing as financial institutions including Wells Fargo prepare U.S. stablecoin offerings.