Polygon Acquires Coinme and Sequence for $250M to Expand US Payment Infrastructure

Polygon Strengthens Its Position in the Crypto Market

Polygon Labs has reached an agreement to acquire the American crypto payment company Coinme and the wallet infrastructure provider Sequence, in deals valued at over $250 million, according to Fortune. These acquisitions provide Ethereum's blockchain access to Coinme's network of licenses for money transfers in the United States, as well as its wallet solutions and cross-chain payment tools for banks, fintech firms, and enterprises.

According to a message on platform X, the two companies will help form the foundation that Polygon refers to as the "Polygon Open Money Stack," combining blockchain infrastructure, regulated money movements, and wallet solutions into a single platform designed for on-chain payments.

During a podcast on Cointelegraph, Polygon Labs CEO Marc Boiron emphasized how the acquisitions expand the network's capabilities to support businesses beginning to experiment with blockchain applications. "Ultimately, we are becoming a regulated payment platform. Our goal here is to provide a fully integrated stack that allows anyone to use stablecoins to move money anywhere," Boiron stated.

This move comes amid increasing competition for stablecoin payment infrastructure in the United States. Polygon has not disclosed the amount paid for each acquisition or whether the transactions were completed through cash, equity, or a combination of both.