Polygon gains US payments licenses after closing Coinme deal

The deal gives Polygon access to 37 money transmitter 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 across 48 US states.

Polygon said Wednesday its US payments business now has coverage with 37 money transmitter licenses and 11 exemptions. 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 combined, while consolidating some roles at Polygon Labs. At the time, Polygon CEO Marc Boiron said it needed the team to transition into a “leading payments-focused blockchain company.”

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