"The acquisitions are meant to aid the blockchain network's stablecoin strategy, said Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal in an interview. The Seattle-based Coinme, which specializes in converting cash into crypto and is known for its work with crypto ATMs, has a suite of money transmitter licenses in the U.S. Meanwhile, New York-based Sequence builds out blockchain infrastructure, including crypto wallets."
"Polygon Labs' acquisitions of the two startups puts it in competition with the fintech giant Stripe, said Nailwal. Over the past year, the payments giant bought a stablecoin startup, a crypto wallet firm, and backed its own blockchain focused on payments. The Stripe acquisitions signalled an intention to own every layer of the stablecoin stack, from the servers that process payments to the accounts where users hold crypto."
Polygon Labs closed deals to acquire Coinme and Sequence for a combined sum exceeding $250 million, without disclosing per-company prices or payment structure. The acquisitions are aimed at advancing Polygon's stablecoin and payments strategy by integrating Coinme's cash-to-crypto expertise and U.S. money transmitter licenses with Sequence's blockchain infrastructure and wallet technology. The moves place Polygon in direct competition with Stripe, which has pursued its own stablecoin and wallet buys and launched a payments-focused blockchain. Polygon's approach leverages its existing network of blockchains while building a full-stack fintech capability amid rising stablecoin interest and new U.S. regulation.
Read at Fortune
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