Polygon Labs Completes Coinme Acquisition, Becomes U.S. Regulated Payments Business

Polygon Labs has completed its acquisition of Coinme, becoming a U.S.-regulated payments business with coverage across 48 states. The agreement brings 37 state money transmitter licenses and 11 applicable exemptions to the Open Money Stack platform. Polygon also identified Tazapay, Mesh, Toku and Kira as some of the first customers to adopt its stablecoin payment infrastructure.

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Polygon Labs Completes Coinme Acquisition, Expands U.S. Coverage

On Wednesday, Polygon Labs announced the acquisition, integrating Coinme’s regulated money transfer services into its payments operations. The business is also registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.

The deal is part of a $250 million combined transaction announced in January that also involved wallet infrastructure provider Sequence. Both acquisitions were meant to enable Polygon to integrate regulated money transfers, digital wallets, and cross-chain transaction routing.

According to Polygon Labs CEO Marc Boiron, the acquisition will set a solid foundation for the company’s payment-processing capabilities on traditional and blockchain networks.

“Completing the Coinme acquisition brings regulated U.S. money movement into Open Money Stack,” Boiron said.

The deal follows financial institutions looking to tap into blockchain payments, with Wells Fargo readying itself for U.S. stablecoin opportunities.

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Polygon Open Money Stack Connects Banking and Stablecoin Payments

Polygon Open Money Stack delivers banking services to blockchain settlement with a single integration. Businesses can fund their business, convert those funds to a stablecoin, and process payments on supported blockchain networks.

In addition to digital asset transactions, the platform handles ACH, Fedwire, FedNow, SWIFT, and debit card transactions. It also features identity verification, sanctions screening, payment routing, and custodial or non-custodial wallets.

The development follows Ripple’s partnership with Privy to expand XRP Ledger payment services, announced on Tuesday. Ripple’s integration focuses on embedded wallets, while Polygon combines regulated payment services with blockchain settlement.

The infrastructure further enables businesses to perform international payments on various payment networks. It gives companies the ability to receive payments in stablecoins while retaining access to conventional banking.

Tazapay, Mesh, Toku, and Kira Join Polygon Open Money Stack

Polygon identified four initial customers adopting its platform for international payments, account funding, payroll, and U.S. dollar access. Each company will integrate different services based on its business requirements.

Tazapay will connect stablecoins with local currencies for cross-border business payments, while Mesh will integrate fiat funding services. Mesh operates a network connecting more than 300 wallets, exchanges, and financial service providers.

Toku will use the platform to support stablecoin payroll and local currency payouts across more than 100 countries. Kira will expand stablecoin payment options for businesses accessing U.S. banking services and payment channels. Despite the acquisition announcement, Polygon’s native token, POL, traded near $0.0982, down 3.38% in the last 24 hours.