Polygon to acquire Coinme and Sequence in deals valued at over $250 million

Polygon Labs has agreed to acquire US-based crypto payments firm Coinme and wallet infrastructure provider Sequence in deals valued at more than $250 million, Fortune reported. The acquisitions give Polygon access to Coinme’s network of US money-transmitter licenses and fiat on- and off-ramps, and to Sequence’s embedded wallets and cross-chain payments tools for banks, fintechs and enterprises, the report said.

According to an X post from Polygon, the companies will form the basis of a “Polygon Open Money Stack” that combines blockchain rails, regulated money movement and wallet infrastructure into a single platform for onchain payments. Speaking on Cointelegraph’s Chain Reaction podcast, Polygon Labs CEO Marc Boiron said the deals broaden the network’s capabilities to support enterprises experimenting with blockchain applications, adding, “Ultimately, we become a regulated payments platform.” Polygon said the setup combines Coinme’s state-level licensing footprint spanning 48 states with wallet infrastructure and transactions across multiple blockchains.

Coinme operates more than 50,000 retail cash-to-crypto kiosks and ATMs in the United States, according to the company’s website, and Polygon said Sequence’s Trails orchestration layer is intended to reduce user friction by abstracting bridging, token swaps and gas management. Polygon did not disclose how much was paid for each acquisition or whether the transactions used cash, equity or a combination, Fortune reported.

Key Topics

Crypto, Polygon Labs, Coinme, Sequence, Marc Boiron, Open Money Stack