Polygon Completes Coinme Acquisition, Expanding U.S. Payments Reach

Polygon Labs completed its acquisition of Coinme on Oct. 14, adding U.S. money movement infrastructure to its payments platform as Coinme faces a multistate order that sets a deadline for its virtual currency kiosks in Georgia.

The acquired business covers 48 states through 37 state money transmitter licenses and 11 applicable exemptions. The standalone purchase price was not disclosed.

Polygon Open Money Stack is a payments platform linking fiat funding, wallets, payment routing and blockchain settlement. Tazapay, Mesh, Toku and Kira are among its early customers, with uses including cross-border business payments, account funding, global payroll and U.S. dollar access. Transaction volumes and revenue tied to those customers were not disclosed.

The completed Coinme acquisition follows Polygon’s January announcement of plans to acquire Coinme and wallet infrastructure provider Sequence. The announced plans described adding fiat on- and off-ramps, wallet infrastructure and payment orchestration.

The acquisition followed a consent order entered Oct. 7 by Georgia and regulators in 31 other states, the District of Columbia and Puerto Rico. Coinme must pay $2.5 million across 34 agencies and retain an independent consultant to review its Bank Secrecy Act and anti-money laundering program.

The order also requires Coinme to end virtual currency kiosk operations in Georgia before Jan. 1, 2027. It may continue other money transmission services in the state.