Quick take:
- The structure of the deals was also not disclosed, raising the question of whether its an all-cash or all-equity deal, or a mixture of both.
- Polygon said the acquisitions are meant to advance its stablecoin strategy, according to CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal.
- Coinme, which holds a suite of money transmitter licenses in the U.S., specializes in converting cash into crypto and is known for its work with crypto ATMs, while Sequence builds crypto wallet infrastructure.
Polygon Labs, the developer of the enterprise-grade infrastructure for global blockchain-based payments, has acquired two crypto startups in a deal worth more than $250 million.
According to the announcement on Tuesday, Polygon closed deals to buy the crypto startups Coinme and Sequence as it looks to advance its stablecoin strategy. The company did not disclose the specific deal value for each startup or the structure of the deals.
Coinme, which holds a suite of money transmitter licenses in the U.S., specializes in converting cash into crypto and is known for its work with crypto ATMs, while Sequence builds crypto wallet infrastructure.
The announcement follows Polygon’s launch of the Open Money Stack last week. The company describes the Open Money Stack as an open and integrated stack of services and technologies to instantly and reliably move money anywhere, and put it to work.
This latest double-acquisition furthers the company’s strategy and positions it well to compete with the likes of Stripe.
Describing his company’s stablecoin push, Polygon Foundation founder Sandeep Nailwal called it “a reverse Stripe in a way”. Unlike Stripe, which first acquired a stablecoin startup before building its own blockchain, Polygon already has a robust network of blockchains, where it is bringing startups to build upon it.
“Polygon Labs is becoming a full-blown fintech company,” said Nailwal.
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