Polygon Labs Acquires Coinme and Sequence for $250 Million to Expand Stablecoin Payments

TLDR

• Polygon Labs is acquiring crypto payments company Coinme and wallet infrastructure provider Sequence for over $250 million to expand its stablecoin payment capabilities.
• The deals will support Polygon’s Open Money Stack framework, launching in 2026 to enable stablecoin-based payments across multiple blockchains.
• Coinme, founded in 2014 as a bitcoin ATM provider, brings regulated fiat conversion infrastructure to Polygon’s ecosystem.
• Sequence adds smart wallet technology that simplifies crypto payments across blockchains without requiring users to manage technical processes.
• Polygon CEO Marc Boiron says the initial focus will be on business-to-business payments before expanding to consumer services.

Polygon Labs announced definitive agreements to acquire two crypto companies for more than $250 million. The blockchain firm is buying crypto payments company Coinme and wallet infrastructure provider Sequence.

The acquisitions aim to strengthen Polygon’s position in stablecoin-based payments and on-chain money movement. Stablecoins are digital tokens pegged to stable assets like the U.S. dollar.

The deals support Polygon’s upcoming Open Money Stack platform. This framework is designed to enable stablecoin payments across multiple blockchain networks.

The strategy reflects a shift in the crypto industry toward payment platforms. Many blockchain projects are now positioning themselves as alternatives to traditional digital banks.

First Acquisition: Coinme

Coinme was founded in 2014 as one of the first bitcoin ATM providers in the United States. The company allows users to convert cash into cryptocurrency through its network of physical locations.

Coinme brings regulated fiat on-ramps and off-ramps to Polygon’s ecosystem. This infrastructure helps bridge traditional finance with blockchain networks.

The company’s investors include major crypto players. Pantera, Digital Currency Group, and Circle have backed Coinme’s operations.

CoinDesk reported last week that the Coinme deal was valued between $100 million and $125 million. The acquisition gives Polygon access to established regulatory frameworks for handling fiat currency conversions.

Second Acquisition: Sequence

Sequence provides wallet technology and cross-chain infrastructure. The platform simplifies cryptocurrency payment flows across multiple blockchains.

Users don’t need to manage bridges, swaps, or gas fees with Sequence’s technology. This abstraction of technical complexity is designed to make crypto payments more accessible.

Sequence has received backing from Brevan Howard Digital and Coinbase. The company will play a key role in building the Open Money Stack.

The acquisition reflects Polygon’s belief that removing technical barriers is essential for widespread adoption. Both enterprise and consumer users benefit from simplified payment processes.

Boiron told CoinDesk that Polygon started shifting focus toward payments 12 months ago. The acquisitions represent the culmination of this long-term strategy.

The initial push will target business-to-business payments. Boiron said the company expects to pivot toward consumer services later.

The Open Money Stack is scheduled to launch sometime in 2026. The platform will operate across multiple blockchains rather than being limited to a single network.

Coinme and Sequence will maintain distinct roles within Polygon’s ecosystem. However, the company plans to present them as part of a unified platform to customers.

Boiron explained that from an operational and technological standpoint, it will function as a single entity. “That’s what the market will see externally in the Open Money Stack,” he said.

Each company will remain its own entity for licensing purposes. This structure allows Polygon to maintain compliance with different regulatory requirements.

Boiron said Polygon’s near-term strategy focuses on partnerships rather than direct competition with established players. Companies like Visa and Mastercard are also entering the stablecoin payments space.

The infrastructure for stablecoin transactions remains fragmented across the industry. Polygon’s acquisitions bring key pieces in-house while expanding market reach.

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