TL;DR
Polygon completed its acquisition of Coinme, gaining access to licenses that allow money transmission services to operate across 48 U.S. states.
The transaction is part of a $250 million deal announced in January that also includes the acquisition of Sequence, a company specializing in digital wallet infrastructure.
Tazapay, Mesh, Toku, and Kira are among the first customers of Open Money Stack, Polygon’s platform for stablecoin payments, international transfers, and local-currency settlements.
Polygon Labs completed its acquisition of Coinme , a deal that expands the regulatory coverage of its Open Money Stack payments platform to 48 U.S. states .
The acquisition adds 37 state money transmitter licenses , 11 applicable exemptions , and Coinme’s registration with the Financial Crimes Enforcement Network (FinCEN) as a money services business.
The transaction is part of a combined $250 million deal announced in January to acquire Coinme and Sequence , a company specializing in digital wallet technology.
Through both acquisitions, Polygon aims to integrate traditional financial services with blockchain infrastructure to facilitate payments, transfers, and settlements using stablecoins.
Polygon Adds Regulated Infrastructure to Open Money Stack
Open Money Stack combines tools for converting traditional money into digital assets and vice versa, managing wallets, transferring funds across blockchains, and completing settlements.
The platform allows businesses to receive payments, use stablecoins for settlements , and deliver funds to recipients in local currencies through a single integration.
Marc Boiron , CEO of Polygon Labs, explained that completing the Coinme acquisition brings regulated U.S. money transfers into the Open Money Stack infrastructure.
The goal is to cover every stage of a transaction , from the initial receipt of funds to the final payment to the recipient.
Coinme’s infrastructure provides the regulatory authorizations needed to offer certain money transmission services in the U.S. market.
Meanwhile, Sequence contributes wallet technology and tools for routing transactions across different blockchain networks.
Tazapay, Mesh, Toku, and Kira Begin Using the Platform
Polygon also confirmed that Tazapay, Mesh , Toku, and Kira are among the first customers of Open Money Stack.
Tazapay uses the infrastructure to process international business payments, while Mesh is adding services for converting traditional money into digital assets across its network of more than 300 wallets, exchanges, and financial services .
Toku plans to use the platform to connect stablecoin payments with regulatory-compliant payroll systems and enable local-currency payouts in more than 100 countries .
Meanwhile, Kira is already using Open Money Stack to expand stablecoin payment options for clients seeking access to U.S. bank accounts and payment channels.
According to Polygon Labs, its blockchain has processed more than $3 trillion in cumulative stablecoin transfers .
Although the individual components of Open Money Stack are already operational, the unified integration remains in technical preview and is available only to a select group of customers.
