Polygon Labs completes Coinme acquisition, enhancing US payments platform
Summary
Polygon Labs has successfully completed its acquisition of Coinme, enhancing its Polygon Open Money Stack with regulated U.S. payments capabilities that now operate across 48 states, backed by 37 money transmitter licenses and registration with FinCEN. This integration marks a significant step for Polygon, allowing for seamless flows from fiat entry through onchain movement to payouts. Early customers such as Tazapay, Mesh, Toku, and Kira are already leveraging the updated platform for various services including cross-border business payments and global payroll solutions.
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$MATIC
Analysis
Coinme: Coinme operates a regulated cryptocurrency platform with money transmitter licenses and compliance infrastructure for U.S. payments and transfers. The company provides services that connect fiat systems with digital assets under state and federal oversight. Polygon Labs acquired Coinme to incorporate these regulated U.S. payment services into the Polygon Open Money Stack. Bam Azizi: Bam Azizi is the CEO and Co-founder of Mesh, a network connecting wallets, exchanges, and financial services for crypto payments. He focuses on expanding access and reducing fragmentation for users moving between fiat and digital assets. Azizi highlighted Mesh's integration of Polygon Open Money Stack to add on-ramp paths and increase value for its network participants. Polygon Labs: Polygon Labs develops and maintains the Polygon network, a blockchain scaling solution focused on Ethereum compatibility and infrastructure for moving value onchain. The team has built the Polygon Open Money Stack to integrate onchain movement with traditional financial rails. In this development, Polygon Labs completed the acquisition of Coinme to add regulated U.S. payments capabilities directly into its Open Money Stack. Rahul Shinghal: Rahul Shinghal is the Co-founder and CEO of Tazapay, a provider of cross-border payments infrastructure for enterprises, marketplaces, and fintechs. He leads efforts to simplify international business payments and payouts. Shinghal commented on Tazapay's adoption of Polygon Open Money Stack to improve connections between stablecoins and local currency with fewer intermediaries. Customer Adoption: Early adopters including Tazapay, Mesh, Toku, and Kira are using the enhanced Open Money Stack for cross-border payments, account funding, global payroll, and USD services. Acquisition Impact: The completed acquisition integrates Coinme's regulated U.S. payments business into Polygon Open Money Stack, enabling end-to-end flows from fiat entry to onchain movement and final payout. Regulatory Coverage: Polygon now holds money transmitter licenses and exemptions that support operations across most U.S. states while maintaining registration as a money services business with FinCEN.
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