Polygon Pulls the Plug on Wild West Payments: Coinme Deal Adds 48 States of Order 🏦

Polygon Labs has completed its acquisition of Coinme, converting the blockchain network operator into a U.S.-regulated payments business operating across 48 states. The deal closed on October 14, adding 37 state money transmitter licenses and 11 applicable exemptions to Polygon's Open Money Stack platform. The Coinme unit is also registered with the Financial Crimes Enforcement Network as a money services business.

The transaction is part of a $250 million combined acquisition package announced in January, which also included Sequence, a wallet infrastructure provider. Polygon Labs said it plans to combine regulated money transfers, digital wallets, and cross-chain transaction routing through the acquisitions. "Completing the Coinme acquisition brings regulated U.S. money movement into Open Money Stack," Polygon Labs CEO Marc Boiron said.

Polygon Labs named Tazapay, Mesh, Toku, and Kira as initial customers adopting its stablecoin payment infrastructure. The acquisition comes as financial institutions expand blockchain-based payment services, including Wells Fargo's preparations for U.S. stablecoin opportunities.

Despite the acquisition announcement, POL declined 3.38% on the day. The deal adds Coinme's regulated money transfer operations to Polygon's payments infrastructure, with the company positioning itself to process payments across traditional and blockchain-based networks.