Polygon Labs announced definitive agreements to acquire Coinme and Sequence for more than $250 million, securing regulated payment infrastructure and wallet technology as part of its Open Money Stack strategy unveiled five days ago.
Coinme, founded in 2014 as one of the first licensed digital currency exchanges in the United States, operates with money transmitter licenses across 48 states. The company provides a physical fiat to crypto network spanning more than 50,000 retail locations, alongside regulated white label services for fintechs and enterprises. Coinme’s enterprise customers include Exodus, Coinstar, Mercuryo, and Baanx. The company previously partnered with MoneyGram, which took a stake in Coinme in 2022 to provide crypto off ramp services at MoneyGram locations. Coinme will operate as a wholly owned subsidiary following the close of the transaction upon obtaining necessary regulatory approvals.
Sequence develops smart wallets and a cross chain orchestration engine designed to simplify crypto payment flows across networks without requiring users to manage bridging, swaps or gas. The company provides wallet and application infrastructure across major blockchain ecosystems including Polygon, Immutable, Monad, Magic Eden and Arbitrum, while collaborating with Google Cloud as a partner and distribution channel. Its Trails platform delivers cross-chain transactions and payments, supporting interoperability via Circle’s Cross Chain Transfer Protocol.
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