Polygon Labs has officially completed the acquisition of cash-to-crypto exchange platform Coinme to expand its stablecoin-based payment operations. The move opens the door for Polygon to directly enter regulated payment systems in the United States.
The move follows an agreement announced last January, when Polygon agreed to acquire Coinme and wallet provider Sequence. The combined value of the deal exceeded $250 million. With the transaction finalized, Polygon takes full control of the cash exchange entity, which already holds regulatory standing in the US market.
Money Transmitter Licenses in 48 States
Through Coinme, Polygon secured access to 37 money transmitter licenses and 11 state exemptions across 48 US states. These money transmitter licenses in 48 states grant Polygon the legal authority to provide money transfer services across nearly all US jurisdictions.
At the federal level, regulatory compliance for the payment unit has also been established. Polygon’s US payments business is now officially registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). The FinCEN registration complements its state-level licenses to ensure money transfer activities adhere to oversight by US financial authorities.
Network of 50,000 Physical Outlets and Debut Client
Coinme brings established operational scale. The cash-to-crypto exchange platform boasts a base of over 1 million users and a physical retail network spanning 50,000 locations. Across these tens of thousands of retail locations, consumers can convert physical cash into digital assets directly on site.
A strategic pivot served as the primary driver behind this corporate action. Polygon Labs CEO Marc Boiron emphasized that the acquisition accelerates Polygon’s transformation into a blockchain company focused on global payments infrastructure. Securing official licenses and a physical network establishes a vital foundation for bridging cash transactions with digital assets.
This connection is powered by Polygon’s Open Money Stack infrastructure, which connects stablecoin transactions with local fiat currencies. Cross-border payments firm Tazapay has officially become the first client to leverage the Open Money Stack infrastructure to process international transactions.
The combination of 37 state licenses, FinCEN registration, and Coinme’s 50,000 retail outlets provides Polygon with a complete infrastructure to connect local cash with stablecoins. For users and business partners like Tazapay, the integration simplifies the process of moving funds from physical currency into blockchain systems within a clear legal framework.
Reported by Cointelegraph.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
