Polygon nears acquisition of Bitcoin kiosk operator Coinme

Polygon is close to acquiring US-based bitcoin ATM operator Coinme in a deal valued between $100 million and $125 million, according to sources familiar with the matter.

The Ethereum Layer-2 network is reported to be working with Architect Partners as adviser on the potential transaction.

Coinme, one of the earliest licensed bitcoin kiosk providers in the US, activated its first regulated ATM in May 2014.

The company later expanded operations across around 49 US states and added multiple crypto tokens to its retail kiosks.

Polygon declined to comment on the reported acquisition, while Coinme did not respond to requests for comment by publication time.

The potential deal follows Polygon’s $450 million fundraising round led by Sequoia Capital India in 2023.

At the time of reporting, Bitcoin price was $91,208.27.