Polygon closes Coinme deal and becomes a US-regulated payments business

Overview

Updated 59 minutes ago

Polygon Labs completed its purchase of Coinme on October 14, 2026. The deal gives the blockchain developer money-transmitter licenses in 37 US states, exemptions in 11 more, and registration with the Financial Crimes Enforcement Network as a money services business.

The change is structural. Polygon used to sell software that let other companies move money, and those companies collected the conversion and transfer fees. Now Polygon runs the regulated business itself. It expects that unit to be profitable in 2027, a forecast that puts it in the same market as Visa and Stripe.

Why it matters

A blockchain company now holds US money-transmission licenses, so it can convert and move dollars itself instead of handing customers to a licensed partner.

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Key Indicators

US states with payment coverage

37 money-transmitter licenses plus 11 state exemptions.

State money-transmitter licenses

Held through the Coinme subsidiary.

$250M+

Combined value of the Coinme and Sequence deals

Announced in January 2026; the final price was not disclosed.

50,000

Coinme retail locations

Cash-to-crypto network at the time the acquisition was announced.

$12.3T

Visa fiscal 2025 payments volume

The scale of the incumbent Polygon says it will compete with.

2027

Target year for payments profitability

CEO Marc Boiron's forecast for the regulated payments business.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Marc Boiron

Chief executive of Polygon Labs

Leading Polygon's shift into regulated payments

Organizations Involved

Polygon Labs

Blockchain and payments company

Operator of the Open Money Stack and owner of Coinme

Developer of the Polygon blockchain and operator of the Open Money Stack payments platform.

Coinme

Licensed crypto exchange and cash-to-crypto network

Wholly owned subsidiary of Polygon Labs

US-licensed crypto exchange and retail cash network acquired by Polygon Labs in 2026.

Timeline

2014 October 2026

4 events Latest: October 17th, 2026 · 3 weeks ago

Tap a bar to jump to that date

October 2026
CEO sets 2027 profitability target
Latest Statement

Marc Boiron tells CoinDesk the regulated payments business should be profitable in 2027, citing fees on conversion and transfer.
October 17th, 2026
Coinme acquisition closes
Deal close

Polygon completes the purchase, gaining 37 state money-transmitter licenses, 11 exemptions and FinCEN registration as a money services business.
October 14th, 2026
January 2026
Polygon agrees to buy Coinme and Sequence
Deal announcement

Polygon Labs signs definitive agreements for both companies in a deal worth more than $250 million combined.
January 13th, 2026
2014
Coinme starts building licensed crypto access
Company founding

Coinme launches and works with Washington State regulators on early licensing standards, running one of the first licensed Bitcoin ATMs in the US.
2014

Scenarios

Polygon's payments unit turns profitable in 2027

Possible Resolves by Q1 2028

Discussed by: Polygon Labs CEO Marc Boiron, in an October 2026 CoinDesk interview

Boiron said the regulated payments business should be profitable in 2027, as Polygon collects conversion and transfer fees it previously left to partners. Hitting that target depends on Open Money Stack customers routing enough volume through the platform to cover licensing, compliance and banking costs.

Open Money Stack leaves technical preview

Likely Resolves by Q2 2027

Discussed by: CoinDesk, which reported the unified integration was still in preview at launch

CoinDesk reported that the unified Open Money Stack integration remained in technical preview, with Tazapay, Mesh, Toku and Kira as early users. General availability would mark the point where any payments company can sign up rather than join a pilot.

New York approves a BitLicense for Polygon

Uncertain Resolves by End of 2027

Discussed by: Polygon's own compliance documentation, which lists the New York BitLicense as pending

Polygon's compliance page says a New York BitLicense application is pending. Approval would add the strictest state crypto regime to its 48-state footprint and let it serve New York customers directly rather than through a partner.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

June 2019 – January 2022

Facebook's Libra project (2019–2022)

Facebook announced Libra, a global stablecoin, in June 2019 with backing from Visa, Mastercard and other partners. US and European regulators objected, several partners withdrew, and the project was renamed Diem and scaled back.

Then

The Diem Association sold its technology assets to Silvergate Bank in early 2022 and wound down.

Now

It showed that a technology company can build the software for global payments but cannot launch without the licenses and bank relationships incumbents already hold.

Why this matters now

Polygon is taking the opposite route, buying an existing licensed business instead of asking regulators to create a new category for it.

January 2020 – January 2021

Visa's bid for Plaid (2020–2021)

Visa agreed to buy Plaid, a company that connects financial apps to bank accounts. The US Department of Justice sued to block the deal, arguing Visa was purchasing a potential competitor.

Then

The two companies abandoned the deal in January 2021.

Now

It established that buying payments infrastructure can draw antitrust scrutiny even when the target is small.

Why this matters now

Polygon's purchase is smaller and framed around licenses rather than market share, but it shows regulators pay attention to who controls the pipes.