- Polygon Labs is buying Coinme and Sequence for a combined $250 million to build regulated payments middleware.
- The acquisitions will feed a new toolkit aimed at simplifying how firms move and maintain digital assets.
- Coinme provides cash-to-crypto on-ramps via kiosks and retail locations, while Sequence builds enterprise wallets and cross-chain payment routing.
- The company plans to earn revenue from transaction fees and basis points on on-ramps and swaps.
- Polygon recently launched the Open Money Stack to support payments, lending, remittances, stablecoin interoperability, and wallet recovery.
On Tuesday, Polygon Labs announced it will acquire Coinme and Sequence for a combined $250 million to create regulated middleware that simplifies on‑ramping, wallets, and cross‑chain payments. The deals are meant to support a toolkit for businesses handling stablecoins and tokenized securities. Executives say the move shifts the company toward revenue generation.
Coinme, founded in 2014 and registered as a money services business with FinCEN, powers more than 6,000 Coinstar kiosks that let customers buy crypto with cash. Polygon highlighted Coinme’s reach through 50,000 U.S. retail touchpoints and cashier-assisted cash purchases as a straightforward onboarding path for new users.
Sequence (formerly Horizon Blockchain Games) develops enterprise smart wallets and cross-chain payment routing. In November the firm unveiled a transaction coordination platform to address interoperability, which Polygon says will help route payments across different blockchains.
Polygon raised $450 million in 2022 and is now focusing on direct revenue streams. The company plans to earn from “basis points” on transactions processed by Coinme, including swaps and on‑ramps. Coinstar’s kiosks charge a service fee of up to 12.9% plus $0.99 per transaction in current operations.
“We’re buying two crypto companies, but it’s really more about building regulated middleware,” and “We give one API, you plug it in, and now you have a blockchain that you can on‑ramp and off‑ramp to, with wallets, and you can receive funds from any other chain.” Polygon’s CEO made these comments about the integrations and strategy.
Polygon introduced the Open Money Stack to support payments, lending, remittances, yield, swaps, foreign exchange, on‑chain identities, stablecoin interoperability, and wallet recovery. As of Monday, POL traded around $0.15, according to CoinGecko. The Sequence deal is expected to close later this month, and the Coinme acquisition is expected in the second half of the year.
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