Polygon Labs completes Coinme acquisition, bringing regulated payments coverage across 48 US states

Polygon Labs has completed its acquisition of Coinme, giving its Open Money Stack access to money transmission licenses covering 48 U.S. states. Tazapay, Mesh, Toku, and Kira are among the first companies using the platform for payments and payroll, the company said in a statement shared with The Block on Wednesday. 

The transaction completes part of a $250 million combined deal announced in January to purchase Coinme and wallet infrastructure firm Sequence. Polygon said at the time that the acquisitions would bring money transmission licenses, wallet technology, and cross-chain transaction routing into its payments business.

According to the statement, Coinme's addition gives Polygon 37 state money transmitter licenses, 11 applicable exemptions, and registration with the Financial Crimes Enforcement Network as a money services business. 

“Completing the Coinme acquisition brings regulated U.S. money movement into Open Money Stack, giving us more of the infrastructure to support a payment from the moment funds come in to the moment the recipient gets paid," Polygon Labs CEO Marc Boiron said. 

Open Money Stack combines fiat on- and off-ramps, wallets, cross-chain routing, and settlement through a single integration. The platform allows businesses to accept funds, settle in stablecoins, and pay recipients in local currency, according to the statement. 

Polygon said Tazapay is using the infrastructure for cross-border business payments, while Mesh is adding an on-ramp to its network of more than 300 wallets, exchanges, and financial services.

Other early customers like Toku plan to use the platform to link stablecoins with compliant payroll and local-currency payouts across more than 100 countries. Kira is already using Open Money Stack to expand stablecoin options for clients accessing U.S. bank accounts and payment channels, per the statement. 

Polygon Chain has surpassed $3 trillion in cumulative stablecoin transfer volume, according to the company. Its Open Money Stack components are operating, but the unified integration remains in technical preview for select customers.