Polygon Labs has completed its acquisition of Coinme, turning the company behind the Polygon blockchain into a regulated US payments business.
The deal closed this week. Polygon’s US payments division now holds 37 state money transmitter licences and 11 state exemptions, covering 48 states, and is registered with FinCEN as a money services business.
What Polygon gets
Coinme is a Seattle-based crypto exchange best known for letting customers turn cash into crypto, including through crypto ATMs. When the deal was announced in January, Polygon said Coinme had more than one million users and about 50,000 physical locations.
With Coinme in-house, Polygon can now handle conversions between crypto, stablecoins and traditional money itself.
Polygon agreed in January to buy Coinme and wallet infrastructure firm Sequence for more than $250 million combined. The price of each deal was not disclosed.
Why it matters for Polygon’s business
Until now, Polygon’s blockchain generated network fees, often fractions of a cent per transaction. Running a licensed payments business lets it charge fees based on the value of money moved.
Chief executive Marc Boiron said he expects the regulated payments business to become profitable in 2027.
He also argued that owning the customer relationship lets Polygon decide where payment flows go. He said rival blockchains have offered incentives to payment companies to move transactions away from Polygon.
Who it is up against
Polygon is entering a market dominated by much larger players. Visa handled more than $12.3 trillion in payments volume in its 2025 fiscal year, and Stripe handled $1.9 trillion.
Visa, Stripe and Swift are all building their own stablecoin or blockchain payment systems.
Polygon launched the Open Money Stack, a framework for stablecoin payments, in January. Its unified payments platform is still in technical preview, with early users including Tazapay, Mesh, Toku and Kira.
Coinme’s regulatory record
Coinme faced action from regulators in California and Washington in 2025 over compliance violations. Polygon now inherits that record along with the licences.
What happens next
The key milestones are the general launch of Polygon’s payments platform and whether the business reaches profit in 2027, as Boiron expects.
