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Crypto
Polygon seeks up to $100 million investment, targets stablecoin payments business
Polygon Labs is negotiating to raise up to $100 million to build a stablecoin payments business, The Information reported, citing people familiar with the matter. Instead of selling Polygon tokens, it plans to sell $50 million to $100 million worth of equity in the new venture. The business aims to generate revenue from transaction fees and increase transaction volume on the Polygon blockchain, competing with Stripe, Coinbase and others.
Crypto
Polygon Labs cuts 30 percent of staff, shifts to stablecoin payments
Polygon Labs is reported to have cut about 30 percent of its workforce as part of a broad organisational restructuring. There has been no official announcement, but some employees and ecosystem participants posted news of departures on social media. Industry watchers link the move to Polygon\'s recent acquisitions of U.S.-based digital payments firm Coinme and wallet infrastructure provider Sequence, as it pushes to expand its stablecoin payments ecosystem.
Crypto
Polygon to buy Coinme and Sequence for $250 million to expand crypto payments
Polygon will acquire U.S. crypto payments company Coinme and wallet infrastructure provider Sequence in a deal worth $250 million, Cointelegraph reported. The purchase will give Polygon Coinme’s U.S. money transmission licences, fiat on- and off-ramps, and Sequence’s wallet and cross-chain payments technology. Polygon Labs CEO Marc Boiron said the deal aims to help companies experiment with blockchain applications and to build an on-chain payments platform.