What companies did Polygon Labs acquire?

Polygon Labs acquired crypto payment company Coinme and crypto infrastructure provider Sequence.

Why is Polygon Labs acquiring Coinme and Sequence?

Polygon Labs is acquiring them to tap into growing stablecoin transaction demand and become a regulated U.S. payments player.

What is the total value of the Polygon Labs acquisitions?

The combined value of the acquisitions for Coinme and Sequence is over $250 million.

Home / Business and Economy / Polygon Labs Buys Coinme & Sequence for $250M+

Polygon Labs Buys Coinme & Sequence for $250M+

13 Jan

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Summary

Polygon Labs acquires Coinme and Sequence for over $250 million.
The acquisitions aim to enhance stablecoin transaction infrastructure.
Polygon Labs seeks to become a regulated U.S. payments player.

Polygon Labs Buys Coinme & Sequence for $250M+

Blockchain firm Polygon Labs announced its intention to acquire crypto payments company Coinme and infrastructure provider Sequence for over $250 million. This move is driven by the burgeoning demand for stablecoin transactions, a segment seeing increased interest following recent legislative developments. The acquisitions are designed to consolidate essential transaction infrastructure for stablecoins.

Polygon Labs aims to establish itself as a regulated entity within the U.S. payments landscape. CEO Marc Boiron indicated that the initial focus will be on business-to-business payments, with plans to expand into consumer services later. While established players like Visa and Mastercard are also active in this space, Polygon plans to leverage partnerships rather than direct competition.

Coinme, founded in 2014, facilitates cash-to-crypto conversions and has attracted investment from notable industry figures. Sequence offers technology to streamline cross-blockchain crypto transfers and is supported by firms like Brevan Howard Digital and Coinbase. These acquisitions signify Polygon's commitment to building a robust ecosystem for digital asset transactions.