Polygon will acquire U.S. crypto payments company Coinme and wallet infrastructure provider Sequence for $250 million, Cointelegraph reported on Jan. 13 local time.
The acquisition will give Polygon Coinme’s U.S. money transmission licences, fiat on- and off-ramps, and Sequence’s wallet and cross-chain payments technology.
Marc Boiron, chief executive of Polygon Labs, said the acquisition will play an important role in helping companies experiment with blockchain applications. He said Polygon plans to combine Coinme and Sequence to build an on-chain payments platform.
Coinme holds money transmission licences in 48 U.S. states and operates more than 50,000 cash-to-crypto kiosks and ATMs.
Polygon highlighted differences from traditional payments companies such as Stripe and Visa as competition intensifies to build stablecoin payments infrastructure. Boiron said Polygon is seeking to cooperate with traditional payments companies rather than compete with them. He said Polygon will grow together with companies in the early stages of adopting stablecoins.
Chi-kyu Hwang
delight@d-today.co.kr