Polygon Labs completed its acquisition of Coinme, gaining access to stablecoin payment infrastructure through money transmitter licenses and exemptions covering 48 U.S. states.
According to a company statement to The Block, the acquisition expands the U.S. payment coverage of Open Money Stack, Polygon’s platform for businesses. The deal is part of the combined $250 million agreement announced in January for Coinme and wallet infrastructure company Sequence.
The coverage provided through Coinme consists of money transmitter licenses in 37 states and 11 applicable exemptions. Polygon also shared that it is registered with the U.S. Financial Crimes Enforcement Network (FinCEN) as a money services business.
Operate with stablecoins, pay in local currency
Open Money Stack brings together businesses’ ability to accept funds, settle transactions in stablecoins, and pay recipients in local currency. The platform aims to combine fiat-to-crypto on- and off-ramps, wallets, and transaction routing across different blockchains in a single integration.
Polygon Labs CEO Marc Boiron said the acquisition adds regulated U.S. money transmission infrastructure to the process, from funds entering the system to recipients receiving payment.
To be used for payment and payroll services
Tazapay, among the first customers, uses the infrastructure for cross-border business payments. Kira is also using Open Money Stack to expand the stablecoin options it offers customers with access to U.S. bank accounts and payment channels.
Mesh is adding a funding channel to its network of more than 300 wallets, exchanges, and financial services. Toku plans to use the platform to connect stablecoins to compliant payroll and local currency payments in more than 100 countries.
According to Polygon, the network’s cumulative stablecoin transfer volume has exceeded $3 trillion. Although the components of Open Money Stack are operational, the integration that brings them all together is in the technical preview stage for select customers.
Not investment advice.