Polygon Labs is buying Coinme and Sequence for $250 million combined, the company said Tuesday. The deals aim to create regulated payments middleware and a toolkit to move digital assets.
Coinme, founded in 2014, is registered with FinCEN and powers over 6,000 Coinstar kiosks. It enables cash purchases of crypto at about 50,000 U.S. retail locations, including Walmart.
Marc Boiron, CEO of Polygon Labs, said “We’re buying two crypto companies, but it’s really more about building regulated middleware.” He said a single API will support wallets, on-ramps, and cross-chain receipts.
Sequence builds enterprise smart wallets and cross-chain payment routing. Polygon Labs expects to close the Sequence deal later this month.
Polygon Labs raised $450 million in 2022 and now plans to generate revenue. It plans to earn basis points on Coinme transactions, including swaps and on-ramps.
As of Monday, POL traded around $0.15, according to CoinGecko. Last week the firm unveiled the Open Money Stack, noted in a blog post.
The toolkit supports payments, lending, remittances, stablecoin interoperability, and wallet recovery. Polygon said the acquisitions will help bring physical-world touchpoints to its network.
