Coinme Acquisition Provides Polygon with Payment Licenses Throughout United States
The completion of Polygon Labs' Coinme purchase has secured stablecoin payment infrastructure capabilities spanning 48 states in the US via regulatory licenses and exemptions.
The acquisition of Coinme by Polygon Labs has been finalized, providing the company's stablecoin payment platform with regulatory authorization to facilitate conversions between US dollars and digital assets throughout 48 states across the nation.
In an announcement made on Wednesday, Polygon revealed that its US-based payments operation now operates under 37 money transmitter licenses alongside 11 regulatory exemptions. The company has additionally secured registration with the Financial Crimes Enforcement Network (FINCEN) under the classification of a money services business.
This deal comes on the heels of commitments disclosed in January to purchase both Coinme and Sequence, a wallet infrastructure provider, in transactions valued at over $250 million when combined, alongside consolidation of certain positions within Polygon Labs. During that announcement, Marc Boiron, CEO of Polygon, stated the company required the team to facilitate its evolution into a "leading payments-focused blockchain company."
As a licensed cryptocurrency exchange and cash-to-crypto platform, Coinme enables customers to purchase and sell digital assets using cash, debit cards and bank transfers. Based on data from Polygon, Coinme counted over one million users and maintained a retail presence across 50,000 locations at the time the acquisition was initially revealed.
The Open Money Stack provides enterprises with "a more direct route between stablecoins and local currency," according to Rahul Shinghal, co-founder and CEO of Tazapay, a cross-border payments company that is among the platform's initial customers.