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Polygon Labs closes its Coinme deal, gaining U.S. money transmitter licenses for a push into payments
Summary
Polygon Labs said on Oct. 14 that it has completed its acquisition of Coinme, a U.S.-regulated crypto payments company, bringing regulated U.S. money movement into its Open Money Stack payments platform, according to a Polygon blog post and The Block.
Polygon said its U.S. payments business now covers 48 states through 37 state money transmitter licenses and 11 applicable exemptions, and is registered with FinCEN as a money services business.
The closing completes part of a combined deal announced in January that also covered wallet infrastructure firm Sequence, which The Block valued at $250 million and Polygon’s January announcement put at more than $250 million.
Polygon named Tazapay, Mesh, Toku and Kira among the platform’s first customers, while The Block and CoinDesk reported that its unified integration is still in technical preview for a small group of early users.
CEO Marc Boiron told CoinDesk that Polygon Labs expects its regulated payments business to become profitable in 2027 and that “we’re a payments-focused company that just uses blockchains to move money.”
Key facts
- Boiron said in Polygon’s statement: “Completing the Coinme acquisition brings regulated U.S. money movement into Open Money Stack, giving us more of the infrastructure to support a payment from the moment funds come in to the moment the recipient gets paid.”
- According to the company, Polygon Chain has surpassed $3 trillion in cumulative stablecoin transfer volume.
- Boiron told CoinDesk that rival blockchains have offered financial incentives to payment companies to move transactions away from Polygon, and that running the regulated business means “nobody can cause us to move flows anywhere that we don’t want to.”
- CoinDesk noted the scale of the incumbents Polygon is taking on: Visa’s payments volume topped $12.3 trillion in fiscal 2025 and Stripe’s hit $1.9 trillion.
- Polygon said Tazapay serves more than 1,000 enterprises and fintechs in more than 30 countries, Mesh’s network spans more than 300 wallets, exchanges and financial services, and Toku operates in more than 100 countries.
- Polygon’s January announcement said Coinme, founded in 2014, has a fiat-to-crypto retail network of more than 50,000 locations and would operate as a wholly owned subsidiary after closing, originally expected in Q2 2026.