Polygon Labs has completed its Coinme acquisition and now operates as a U.S.-regulated payments business covering 48 states. The deal adds 37 state money transmitter licenses and 11 exemptions to its Open Money Stack platform. Four companies are named as initial customers.
Polygon Labs completed its acquisition of Coinme, becoming a U.S.-regulated payments business with coverage across 48 states. The company confirmed the deal on October 14, bringing Coinme's regulated money transfer services into its payments operations.
Coinme deal adds licenses to Open Money Stack
The acquisition adds 37 state money transmitter licenses and 11 applicable exemptions to Polygon's platform. Coinme is also registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.
The transaction is part of a $250 million combined acquisition deal announced in January, which also included wallet infrastructure provider Sequence. CEO Marc Boiron said the deal strengthens Polygon's ability to process payments through traditional and blockchain networks. Boiron said: "Completing the Coinme acquisition brings regulated U.S. money movement into Open Money Stack."
What the platform does
Open Money Stack connects banking services with blockchain settlement through a single integration. Businesses can receive funds, convert them into stablecoins, and process payments across supported blockchain networks.
The platform supports ACH, Fedwire, FedNow, SWIFT, and debit card transactions alongside digital asset transfers. It also provides identity verification, sanctions screening, payment routing, and custodial or non-custodial wallets.
Four initial customers named
Polygon named Tazapay, Mesh, Toku, and Kira as initial customers. Tazapay will connect stablecoins with local currencies for cross-border business payments, while Mesh will integrate fiat funding services.
Toku will use the platform to support stablecoin payroll and local currency payouts across more than 100 countries. Kira will expand stablecoin payment options for businesses accessing U.S. banking services.
Polygon's native token, POL, traded near $0.0982, down 3.38% in the last 24 hours.
Source: CoinGape
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