Polygon Labs to acquire Coinme and Sequence for stablecoin payments

Polygon Labs has signed definitive agreements to acquire Coinme and Sequence, two companies that provide regulated financial infrastructure and wallet technology for digital payments.

The acquisitions aim to create what Polygon calls the "Open Money Stack," combining licensed fiat on- and off-ramps with enterprise wallet infrastructure and cross-chain payment orchestration. Coinme operates in 48 U.S. states through money-transmitter licenses and serves more than one million users through its consumer payments platform.

Coinme brings a 50,000-location retail footprint and crypto-as-a-service platform used by financial technology companies and enterprises. The company has backing from investors including Pantera, Digital Currency Group, and Circle Ventures.

Sequence provides enterprise-grade smart wallets and cross-chain routing technology called Trails. The company reports achieving a 2X transaction conversion rate compared to non-Sequence wallets and has processed more than 10 million transactions since launching Trails two months ago. Sequence is backed by investors including Coinbase, Polychain, and Consensys.

The combined platform will offer regulated fiat on- and off-ramps, licensed wallet infrastructure, cross-chain payment orchestration, and stablecoin settlement capabilities. Polygon Labs states the acquisitions position it to generate more than $100 million in annual revenue from payment processing fees.

Coinme will operate as a wholly owned subsidiary of Polygon Labs, subject to regulatory approvals. The companies have collectively processed $1 billion in off-chain sales and $2 trillion in on-chain volume, according to the announcement.

Polygon's blockchain network has facilitated more than $2.2 trillion in on-chain value transfer and is used by companies including Stripe, Polymarket, and Revolut for payment processing.

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