Polygon gains US payments licenses after closing Coinme deal

Polygon Labs has completed its acquisition of Coinme, giving its stablecoin payments platform a regulated way to convert dollars into digital assets and back across 48 US states.

Polygon said Wednesday its US payments business now has coverage with 37 money transmitter licenses and 11 exemptions. It is also registered with the Financial Crimes Enforcement Network (FINCEN) as a money services business.

The acquisition follows agreements announced in January to buy Coinme and wallet infrastructure provider Sequence for more than $250 million combined, while consolidating some roles at Polygon Labs. At the time, Polygon CEO Marc Boiron said it needed the team to transition into a “leading payments-focused blockchain company.”

Coinme is a licensed crypto exchange and cash-to-cryptocurrency platform that lets users buy and sell digital assets through cash, debit cards and bank transfers. When the acquisition was first announced, Coinme had more than one million users and a retail network spanning 50,000 locations, according to Polygon.

Open Money Stack gives businesses “a more direct route between stablecoins and local currency,” said Rahul Shinghal, co-founder and CEO of cross-border payments company Tazapay, one of the platform’s first customers.