Polygon gains US payments licenses after closing Coinme deal
Polygon Labs has completed its acquisition of Coinme, providing its stablecoin payments platform a regulated method to convert dollars into digital assets and vice versa across 48 US states. Polygon's US payments business now holds 37 money transmitter licenses and 11 exemptions and is registered with the Financial Crimes Enforcement Network (FINCEN) as a money services business.
Completion of acquisition and US licensing
Polygon Labs announced the full closure of its acquisition of Coinme, a licensed crypto exchange and cash-to-cryptocurrency platform.
The company now holds an extensive coverage with 37 money transmitter licenses across 48 US states and 11 exemptions. Additionally, Polygon is registered with FINCEN as a money services business entity.
Deal significance and platform advantages
In January, Polygon announced agreements to acquire Coinme and wallet infrastructure provider Sequence for more than $250 million combined, along with some role consolidations within Polygon Labs.
Polygon CEO Marc Boiron explained that the acquisition was necessary to transition into a “leading payments-focused blockchain company.”
Coinme enables users to buy and sell digital assets using cash, debit cards, and bank transfers. At the time of the acquisition announcement, Coinme had over one million users and a retail network spanning 50,000 locations.
Polygon's Open Money Stack platform offers businesses a more direct route between stablecoins and local currency, as highlighted by Rahul Shinghal, CEO of cross-border payments company Tazapay, one of the platform’s first customers.
Why it matters
This development provides Polygon with a stable and regulated infrastructure for stablecoin payments within the US. By acquiring Coinme and obtaining the necessary licenses across over 40 states, the company strengthens its ability to expand services under regulatory compliance, bolstering Polygon’s position in the payments ecosystem and advancing its goal to become a leading blockchain payments player.
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