Key facts
- Polygon Labs is now a U.S.-regulated payments business.
- The acquisition adds 37 state money transmitter licenses and 11 exemptions.
- The Open Money Stack platform connects banking services with blockchain settlement.
- Initial customers include Tazapay, Mesh, Toku, and Kira.
Polygon Labs has finalized its acquisition of Coinme, transforming into a U.S.-regulated payments entity with operations spanning 48 states. This strategic move integrates Coinme's 37 state money transmitter licenses and 11 exemptions into Polygon's Open Money Stack platform. The acquisition, part of a larger $250 million deal announced in January that also included Sequence, aims to bridge traditional banking with blockchain settlement. Polygon Labs CEO Marc Boiron stated that the integration enhances the company's capacity for processing payments across both traditional and blockchain networks. The Open Money Stack supports various payment methods, including ACH, Fedwire, FedNow, SWIFT, and debit cards, alongside digital asset transfers, and offers identity verification and wallet services. Initial customers like Tazapay, Mesh, Toku, and Kira are set to leverage this infrastructure for international payments, payroll, and U.S. dollar access.