Polygon Completes Coinme Acquisition for Payments Platform

Polygon Labs has completed its acquisition of Coinme, adding regulated U.S. money-transfer infrastructure to its Open Money Stack payments platform and reported coverage across 48 states. The company said Coinme brings 37 state money transmitter licenses and 11 applicable exemptions. Coinme is also registered with the Financial Crimes Enforcement Network as a money services business. The acquisition links money-transfer services with the platform’s wallets, payment routing and blockchain settlement functions. Polygon is targeting businesses that need to move funds between traditional financial systems and digital assets, including stablecoin payments. The arrangement is intended to let businesses coordinate more of a payment process through one integration, from funding to settlement and local-currency payouts. Polygon identified Tazapay, Mesh, Toku and Kira as early Open Money Stack customers. The companies’ reported uses span cross-border business payments, funding, payroll and stablecoin payment options. Tazapay is using wallet and conversion infrastructure to connect stablecoins with local payment networks, while Mesh is adding fiat-funding capabilities to its network.