Crypto infrastructure construction company Polygon Labs announced that it has signed a definitive agreement to acquire crypto payment company Coinme and wallet infrastructure provider Sequence for more than $250 million, aiming to expand Polygon's role in stablecoin-based payments and on-chain funds transfer.
The move comes as cryptocurrency projects increasingly position themselves as neobank-like platforms, offering payment, custody and compliance services that resemble traditional digital banks but run on blockchain rails. This shift reflects a broader industry movement to move beyond general-purpose blockchains toward revenue-generating financial services, especially as stablecoins gain traction as a payments layer.
The deal anchors Polygon's upcoming Open Money Stack. It is a new framework aimed at supporting stablecoin-based payments and streamlining the transfer of value across borders. Polygon executives say the strategy is the culmination of a long-term focus.
“This is just a shift (to focus on payments) that we started 12 months ago and have really been building toward,” Polygon Labs CEO Marc Boiron said in an interview with CoinDesk.
Coinme, one of the first Bitcoin ATM kiosk providers in the United States, brings regulated fiat on- and off-ramps and infrastructure to the Polygon ecosystem. CoinDesk reported last week that Polygon was close to a deal with Coinme for between $100 million and $125 million.
Sequence, the second company to be acquired, adds smart wallet technology and cross-chain infrastructure designed to simplify crypto payment flows across multiple blockchains without users having to manage bridging, swaps, or gas fees. The acquisition reflects Polygon's bet that abstracting away technical complexity is key to enabling businesses and consumers to adopt on-chain payments.
Polygon Labs said Coinme and Sequence will play a fundamental role in building an open money stack aimed at allowing stablecoin-based payments to move seamlessly between traditional financial systems and on-chain rails. The stack aims to bundle blockchain payments, wallet infrastructure, and fiat currency access into a single, developer-friendly interface.
Scheduled to launch sometime in 2026, Open Money Stack is designed to work across multiple blockchains rather than being limited to a single network.
“We fully expect payments to be settled on multiple chains. Payments are so large that there will always be many chains,” Boisron told CoinDesk.
Although Coinme and Sequence will maintain separate roles within Polygon's ecosystem, the company plans to offer them to customers as part of an integrated payments platform. “From an operations and technology standpoint, that's one thing; that's what the market will see outside of the open money stack. When it comes to licensing, the open money stack will be its own entity,” Boisron added.
Read more: Polygon Labs launches 'Open Money Stack' to power borderless stablecoin payments
