Polygon gains US payments licenses after closing Coinme deal
Summary
Polygon Labs has completed its acquisition of Coinme, adding regulated dollar-to-crypto and crypto-to-dollar services to its US payments business. Polygon says the business operates under 37 money transmitter licenses and 11 exemptions across 48 states, and is registered with FinCEN as a money services business. The deal follows January agreements to acquire Coinme and wallet infrastructure provider Sequence for more than $250 million combined. Coinme supports purchases and sales through cash, debit cards and bank transfers; Polygon previously said it had over one million users and a network of 50,000 retail locations. Polygon’s Open Money Stack aims to connect stablecoins with local currencies, with Tazapay among its first customers.
