Polygon Labs has finalized the acquisition of Coinme, a licensed cryptocurrency exchange and cash-to-crypto platform. This deal enables the company to facilitate conversions between US dollars and digital assets across 48 states.
Following the transaction, Polygon now holds 37 money transmitter licenses and 11 state exemptions. The company has also completed registration with the Financial Crimes Enforcement Network as a money services business.
The acquisition was part of a broader expansion strategy initiated in January, which included the purchase of wallet infrastructure provider Sequence. The total value of the deals for both Coinme and Sequence exceeded $250 million.
At the time of the initial announcement, Coinme reported a user base of over one million people and a retail network covering 50 000 locations. The integrated platform aims to provide businesses with direct channels between stablecoins and local currencies.
