Polygon Labs has acquired two crypto startups, Coinme and Sequence. The combined value of the deals exceeded $250 million, though the company did not disclose how the amount was split between the acquisitions or what the payment terms were, Fortune reports.
A New Strategy Focused on Stablecoins
The purchases are part of Polygon’s updated strategy aimed at expanding its stablecoin business. Polygon Foundation founder Sandeep Nailwal said the company is evolving into a full-scale fintech business and entering direct competition with payments giant Stripe.
He described the approach as “Stripe in reverse.” According to Nailwal, Stripe first acquired stablecoin-related startups and then built its blockchain infrastructure. Polygon, on the other hand, already operates a long-running network and is now attracting projects to build on top of it.
What Coinme and Sequence Do
- Coinme, based in Seattle, Washington, focuses on converting cash into cryptocurrency and holds money-transmitter licenses in the United States.
- Sequence, headquartered in New York, develops crypto infrastructure and wallet solutions.
Deal Value Dispute and Regulatory Issues
Earlier, CoinDesk reported that Polygon Labs paid $100–125 million for Coinme. However, Polygon Labs CEO Marc Boiron told Fortune that the article was “almost entirely incorrect.”
Boiron also commented on Coinme’s regulatory challenges. In 2025, regulators in California and Washington raised concerns about the company’s high cash-withdrawal limits at crypto ATMs. Boiron said he considers Coinme’s compliance system “best-in-class” and argued that the regulators’ demands were excessive.
Market Context
Amid Polygon’s push into stablecoins and payments, other players are also expanding. In October, media outlets reported that Tempo, a blockchain platform developed by Stripe and Paradigm, raised $500 million in a Series A round led by Thrive Capital and Greenoaks.
