Polygon gains US payments licenses after closing Coinme deal

Polygon Labs has finalized its acquisition of Coinme, a licensed crypto exchange and cash-to-cryptocurrency platform. This deal grants Polygon access to 37 money transmitter licenses and 11 state exemptions, enabling its stablecoin payments platform to convert dollars into digital assets and vice versa across 48 US states. Additionally, Polygon has obtained registration as a money services business with the Financial Crimes Enforcement Network (FINCEN).

The acquisition, valued at over $250 million, was announced in January and included the purchase of wallet infrastructure provider Sequence. Polygon CEO Marc Boiron stated that the acquisition was necessary to transition the company into a "leading payments-focused blockchain company." Coinme, which had over one million users and a retail network in 50,000 locations when the acquisition was first announced, allows users to buy and sell digital assets using cash, debit cards, and bank transfers.

Open Money Stack, a component of the platform, provides businesses with a more direct route between stablecoins and local currency, according to Rahul Shinghal, co-founder and CEO of cross-border payments company Tazapay, one of the platform's first customers.