- B2B2C crypto enablement platform Coinme has agreed to be acquired by Web3 software development firm Polygon Labs in a deal that also involves onchain payments company Sequence.
- The two acquisitions will help Polygon Labs complete its Open Money Stack, which is designed to enable regulated stablecoin payments and transfers.
- Founded in 2014 and headquartered in Seattle, Washington, Coinme made its Finovate debut at FinovateSpring 2022. Neil Bergquist is CEO.
Coinme, a US-based B2B2C crypto enablement platform, has agreed to be acquired by Web3 software development firm Polygon Labs. Polygon Labs is also acquiring Sequence, which facilitates onchain payments at scale. Acquiring the two firms gives Polygon Labs the core infrastructure it needs for its Open Money Stack, an open and integrated suite of services and technologies that enable regulated stablecoin payments and money movement, powered by Polygon’s blockchain rails.
“By combining Coinme’s regulated US payment infrastructure and nationwide cash network with Polygon’s ecosystem, we’re creating something powerful: a turnkey solution that enables Web2 and Web3 companies to embed compliant stablecoin payments directly into their platforms,” Coinme noted in a statement. “This means seamless movement between traditional fiat systems and onchain settlement—the kind of infrastructure needed to support the global stablecoin payments market, projected to exceed $2.8 trillion in transaction volume by 2028.”
The transaction is pending customary regulatory approvals. Following the acquisition, Coinme will operate as a wholly owned subsidiary of Polygon Labs, managing its regulated exchange, wallet, and Crypto-as-a-Service platform. Coinme operates a network of 50,000+ locations across the US where individuals can exchange cash for cryptocurrencies, and holds a money-transmitter license in 48 US states.
The Sequence acquisition is intended to “complement and accelerate” Polygon Labs’ interoperability goals. Sequence offers enterprise-grade smart wallets and a solution, Trails, which acts as a one-click, cross-chain routing and intents engine. Sequence also provides infrastructure that conceals bridging, swaps, and gas fees from end users. This helps applications move stablecoins between networks without exposing users or payment teams to underlying blockchain complexity.
The popularity of stablecoins is soaring, particularly in use cases such as serving as a settlement layer for cross-border and international payments. According to Polygon Labs, the primary barriers to more robust use of this technology are the requisite regulation, orchestration, and integration needed to make stablecoins easier for companies to deploy. The company’s acquisition of Coinme and Sequence, running on Polygon rails that have already facilitated trillions in onchain value transfer, will make it possible for more financial systems to deploy onchain money and achieve faster settlement, lower fees, better execution, and capital that is always at work.
“By combining regulated access, enterprise infrastructure, and onchain settlement, Polygon Labs establishes a clear path to more than $100 million in annual revenue, driven by real payment flows,” Polygon Labs said in a statement. “Combined, these companies have already processed $1 billion in offchain sales and $2 trillion in onchain volume.” The statement also mentioned that successful execution will mean that the company is no longer reliant on financial support from the Polygon Foundation. “Instead,” the statement continued, “Polygon Labs is building payments infrastructure that earns revenue the same way the global payments industry always has: by moving money reliably, at scale.”
Founded in 2014 and headquartered in Seattle, Washington, Coinme made its Finovate debut at FinovateSpring 2022. Today, the company is a licensed and regulated B2B2C crypto enablement platform provider that enables its partners to quickly launch and scale native crypto products into their offerings. Coinme customers leverage the firm’s crypto infrastructure, compliance program, and regulatory licensing to offer crypto trading, custody, and on/off ramps. Neil Bergquist is Co-founder and CEO.
Photo by Declan Sun on Unsplash
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