Polygon Completes Coinme Deal And Gains US Payments Licences Across 48 States

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure TL;DR: Polygon Labs has closed its acquisition of Coinme, gaining access to 37 state money-transmitter licences and 11 applicable exemptions. The move is designed to connect its on-chain payment technology with regulated US money movement. Polygon has spent years making it easier to move assets on blockchains. Its latest acquisition is about the far less glamorous problem of getting money into and out of that system legally. On October 14, Polygon Labs confirmed that it had completed its purchase of Coinme, a US crypto payments and cash-access business. The acquisition brings 37 state money-transmitter licences, 11 applicable exemptions and registration as a money services business with the Financial Crimes Enforcement Network into Polygon’s broader payments operation. The combined footprint covers 48 states. Coinme was part of an acquisition package, announced in January, that also included wallet infrastructure company Sequence. Polygon previously valued the combined transactions at more than $250 million; that figure should not be mistaken for the purchase price of Coinme alone. T...