Polygon Moves Into Regulated US Payments with Coinme’s Fiat Services and Sequence’s On-Chain Infrastructure

Polygon Gains Regulatory Approval to Operate as US Payments Platform After Coinme and Sequence Acquisitions

Polygon Labs is moving closer to becoming a fully regulated payments platform in the United States following its acquisition of Seattle-based crypto payments firm Coinme and Toronto-based crypto infrastructure company Sequence.

The deals give Polygon access to regulated money movement across 48 U.S. states, as well as fiat on- and off-ramps, and 50,000 physical fiat-to-crypto locations nationwide.

Coinme, established in 2014, allows users to convert cash into cryptocurrency and brings over a million existing users and its US-licenced infrastructure to Polygon.

Sequence, originally founded as Horizon in 2017, provides modular wallet infrastructure, one-click crypto transactions, versatile gas payments, and cross-chain functionality.

How Will Polygon Integrate Coinme and Sequence

Polygon Foundation CEO Sandeep Nailwal wrote on X,

“Today, we’re reaching a pivotal milestone for the Polygon Open Money Stack by acquiring Coinme and Sequence.

Polygon’s blockchain rails have been ready for years. But we were missing the last mile pieces required to operate compliant, end-to-end payments at scale.

Regulated fiat access in the U.S. across 48 states, compliant onboarding infra, and seamless crosschain payments through intents.”

He added,

“Bringing Coinme and Sequence into Polygon completes the vertically integrated stack offering…This is how we win in payments.”

The integration will combine Coinme’s regulated fiat services with Sequence’s on-chain infrastructure to simplify crypto transactions for businesses and consumers.

Investment and Market Positioning

Polygon Labs reportedly paid over $250 million USD ($347 million CAD) for both acquisitions, though the exact breakdown for each company was not disclosed.

CEO Marc Boiron clarified reports suggesting Coinme alone was valued between $100 million and $125 million were inaccurate.

Polygon’s Ethereum-based blockchain has processed $2.2 trillion USD in value and supports payments for major platforms including Stripe, Revolut, Flutterwave, and Polymarket.

The company sees stablecoins as a central part of future payments infrastructure but acknowledges that connecting them to traditional financial systems has been challenging.

Coinme’s regulated fiat ramps and Sequence’s developer tools aim to bridge that gap.

Will Polygon Compete With Traditional Payments Networks

Marc Boiron told Reuters that the company’s immediate focus will be business-to-business payments, with consumer services expected to follow.

He suggested that Polygon’s approach will prioritise partnerships rather than direct competition with established players such as Visa and Mastercard.

He said,

“In five or 10 years, we will find out if cards are still going to be necessary. But for the time being, we can work together quite collaboratively and grow the pie.”

Canadian Web3 Talent Draws Global Interest

Sequence’s acquisition is another example of Canadian Web3 firms being snapped up by foreign companies.

Similar moves include Ripple’s $275 million CAD purchase of Toronto-based Rail and Robinhood Markets’ planned $250 million CAD acquisition of WonderFi.

Sequence’s products will continue to operate independently, allowing customers to build on its platform without disruption.

Stablecoins Set to Drive Crypto Payments Growth

Polygon’s strategy leverages the rising interest in stablecoin payments, following regulatory developments such as the U.S. Genius Act.

Coinme’s fiat infrastructure and Sequence’s cross-chain capabilities provide the building blocks for a more seamless payments experience, aiming to make blockchain payments a practical option for both businesses and consumers.

The acquisitions also coincide with a strong performance for Polygon’s native POL token, which rose 53% over the past two weeks.