Polygon Secures U.S. Payment Licenses Following Coinme Deal

The deal gives Polygon access to 37 money transmitter licenses and 11 state exemptions.

The deal gives Polygon access to 37 money transfer licenses and 11 state exemptions.

Polygon Labs has completed its acquisition of Coinme, giving its stablecoin payments platform a regulated way to convert dollars into digital assets and back in 48 US states.

The payments business in the U.S. is now covered by 37 money transfer licenses and 11 exemptions, Polygon said Wednesday. It is also registered with the Financial Crimes Enforcement Network (FINCEN) as a money services business.

The acquisition follows agreements announced in January to buy Coinme and wallet infrastructure provider Sequence for more than $250 million, while consolidating some roles at Polygon Labs. At the time, Polygon CEO Marc Boiron said he needed the team to become a "leading payments-focused blockchain company."

Coinme is an authorized digital currency exchange and cash-to-digital currency platform that allows users to buy and sell digital assets via cash, debit cards and bank transfers. When the acquisition was first announced, Coinme had more than a million users and a retail network of 50,000 locations, according to Polygon.

Rahul Shingal, founder and CEO of cross-border payments company Tazapay, one of the platform's first customers, said Open Money Stack gives businesses "a more direct path between stablecoins and local currency."