Polygon Labs To Acquire Coinme & Sequence For $250 Mn+

With an eye on shoring up its presence, L2 blockchain startup Polygon Labs has agreed to acquire US-based crypto platforms Coinme and Sequence for over $250 Mn.

Sources told Inc42 that the acquisition will enable the startup to sharpen its focus on payments and regulated stablecoin use cases in the US.

People familiar with the matter also said the deal is largely all-cash, with a small equity component in the Sequence acquisition. As per sources, Polygon is also finalising the entity structure and licences needed to run payments and wallet infrastructure in the US.

With these acquisitions, Polygon is trying to move beyond being merely a low-cost blockchain. As block space becomes cheap across networks such as Solana, Arbitrum and Optimism, the startup is now betting on real-world usage, especially payments, transaction volumes and revenue.

With regards to the acquisitions, Coinme brings regulated fiat infrastructure to the table. Founded in 2014, it operates in 48 US states with money transmitter licences and runs a fiat-to-crypto network across more than 50,000 retail locations. Offering wallets, custody, APIs and on- and off-ramps, the platform claims to have processed over $1 Bn in off-chain sales for more than 1 Mn users.

Meanwhile, Sequence adds wallet and interoperability tools. Its platform lets users make crypto payments across blockchains without dealing with bridges, swaps or gas fees, making it easier for users and businesses to get started.

As per Polygon, Coinme and Sequence together have processed more than $2 Tn in on-chain value transfers to date. The combined setup will offer wallets, stablecoins on Polygon, cross-chain support, and licensed fiat on- and off-ramps on one platform.

The Sequence transaction is expected to close later this month, while the Coinme acquisition is likely to close in Q2 2026. The latter is still currently subject to regulatory approvals. 

In a statement, Polygon added that its on-chain stablecoin supply was around $3.3 Bn at the end of 2025, a three-year high.

The deal comes at a time when crypto platforms are facing rising compliance mandates, especially in India. Recently, the Financial Intelligence Unit (FIU) tightened KYC norms for crypto exchanges, mandating live selfie checks, geo-tracking during onboarding.

The new norms also mandate more frequent re-verification for high-risk users. Industry players have warned that these rules will sharply raise compliance and operating costs.