Polygon, the Ethereum Layer 2 blockchain designed to speed up transactions and reduce fees, is close to acquiring Coinme, one of the first Bitcoin ATM kiosk providers in the U.S., according to two people familiar with the matter.
Polygon is considering acquiring the kiosk provider for $100 million to $125 million and is receiving advice from Architect Partners, one of the people said. The person spoke on condition of anonymity because the matter is private.
Coinme had not commented at the time of publication. Polygon declined to comment.
Coinme launched its first licensed Bitcoin ATM on May 1, 2014 and has since operated Bitcoin ATMs in approximately 49 states in the United States. The company has since added a variety of popular crypto tokens to its grocery store kiosks, CoinDesk reported in 2022.
Polygon raised $450 million in a funding round led by Sequoia Capital India in 2023.
Read more: Polygon Labs launches 'Open Money Stack' to power borderless stablecoin payments
