Polygon Gains US Payments Licenses After Coinme Deal

Polygon Labs has completed its acquisition of Coinme, giving its stablecoin payments platform a regulated way to convert dollars into digital assets and back across 48 US states, according to Cointelegraph.

The deal provides Polygon with access to 37 money transmitter licenses and 11 state exemptions. Polygon stated Wednesday that its US payments business is also registered with the Financial Crimes Enforcement Network (FINCEN) as a money services business.

Acquisition Background and Network Reach

The transaction follows agreements announced in January to acquire Coinme and wallet infrastructure provider Sequence for more than $250 million combined, alongside internal role consolidations at Polygon Labs. At the time of the initial announcement, Polygon CEO Marc Boiron noted that the company required the team to execute its transition into a payments-focused blockchain enterprise.

Coinme operates as a licensed crypto exchange and cash-to-cryptocurrency platform allowing users to buy and sell digital assets via cash, debit cards, and bank transfers. According to Polygon, the platform had over one million users and a retail network spanning 50,000 locations when the deal was first revealed.

Platform Integration and Commercial Use

The infrastructure supports cross-border transactions through products such as the Open Money Stack. Rahul Shinghal, co-founder and CEO of cross-border payments company Tazapay and one of the platform’s early customers, stated that the stack provides businesses with a direct route between stablecoins and local currency.

Key facts

• Polygon Labs completed its acquisition of Coinme, securing 37 money transmitter licenses and 11 state exemptions.
• The regulatory coverage allows dollar-to-digital asset conversions across 48 US states.
• The entity is registered with FINCEN as a money services business.
• The deal follows January agreements to buy Coinme and Sequence for over $250 million combined.