Polygon Completes Coinme Acquisition, Adds US Payments

Polygon Gains US Payments License Via Coinme Deal

Polygon Labs completed its acquisition of Coinme, a crypto payments firm, on October 14th. This acquisition directly adds regulated payment capabilities within the United States to Polygon’s Open Money Stack. The deal provides a pathway for broader stablecoin integration into financial services.

Coinme operates a network of crypto kiosks and offers cash-to-crypto and crypto-to-cash services. The company holds Money Transmitter licenses in numerous US states. Integrating Coinme’s infrastructure allows Polygon to offer compliant on- and off-ramps for users within the US market.

Polygon’s Open Money Stack aims to build a comprehensive suite of financial services leveraging stablecoins and blockchain technology. The acquisition of Coinme is a key step in realizing this vision, providing the necessary regulatory framework to operate legally and efficiently within the US. The company has been actively pursuing expansion into traditional finance, and this deal accelerates that effort.

Details of the acquisition were not disclosed. However, Polygon indicated that Coinme will continue to operate as a standalone business unit.

Source: Bitcoin.com News