Polygon Labs announced the acquisition of Coinme and Sequence in a combined deal valued at $250 million, marking a strategic shift towards becoming a regulated payments-focused company.
The company said the acquisitions are intended to support a new payments and asset management toolkit designed for businesses operating with stablecoins and tokenised securities.
Polygon Labs confirmed the deal reflects a move beyond pure blockchain infrastructure into regulated middleware that connects traditional finance with onchain systems.
Chief executive Marc Boiron said the goal is to provide companies with a single interface that enables on-ramps, off-ramps, wallets, and cross-chain transactions.
We’re buying two crypto companies, but it’s really more about building regulated middleware.
Marc Boiron said.
We give one API, you plug it in, and now you have a blockchain that you can on-ramp and off-ramp to.
Marc Boiron added.
Coinme, founded in 2014, operates as a registered money services business with the US Treasury’s Financial Crimes Enforcement Network.
The platform supports more than 6,000 Coinstar kiosks that allow customers to exchange cash for digital assets across the United States.
Polygon Labs said Coinme’s physical cash-to-crypto service offers access at roughly 50,000 retail locations, including grocery stores and major retailers.
We view this as a Trojan horse.
Boiron said.
You can go to a grocery store, have the barcode scanned, give them cash, and then you have the crypto.
Boiron also noted.
Sequence was described by Polygon as an enterprise wallet and payments infrastructure provider focused on smart wallets and blockchain interoperability.
The firm previously unveiled a transaction coordination platform aimed at simplifying cross-chain activity for developers and enterprises.
Polygon Labs said the acquisitions support a broader pivot towards generating direct revenue rather than focusing solely on network growth.
Boiron said future income is expected to come from transaction fees charged through Coinme, including swaps and crypto on-ramping services.
Coinstar charges service fees of up to 12.9% plus a fixed transaction cost, although Coinstar and Coinme operate as separate partner businesses.
Revenue-generating businesses give us the opportunity to drive more volume on the chain,”
Boiron stated.
Polygon’s POL token was trading near $0.15 as of Monday, according to market data, after falling sharply over the past year.
The company recently launched the Open Money Stack, a toolkit aimed at payments, lending, remittances, and stablecoin interoperability.
Polygon said the system includes identity tools, wallet recovery features, and support for yield, swaps, and foreign exchange services.
The acquisition of Sequence is expected to close later this month, while the Coinme deal is scheduled for completion in the second half of the year.