In a bold strategic maneuver signaling its intent to become a dominant force in the burgeoning world of digital finance, blockchain developer Polygon Labs has finalized the acquisition of two pivotal crypto startups: Coinme and Sequence. The combined price tag for these deals reportedly exceeds $250 million, though Polygon Labs has remained tight-lipped on individual valuations or the precise nature of the transactions (cash, equity, or a blend).
Polygon’s Ambitious Stablecoin Vision Takes Shape
The acquisitions are not merely an expansion but a calculated move to bolster Polygon’s stablecoin strategy, as confirmed by Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal. This strategy positions Polygon Labs to directly challenge established fintech titans like Stripe, aiming to own a comprehensive slice of the digital payments ecosystem.
Key Acquisitions: Coinme and Sequence
- Coinme: Based in Seattle, Coinme is a specialist in cash-to-crypto conversions, widely recognized for its network of crypto ATMs. Crucially, it brings with it a valuable portfolio of money transmitter licenses across the U.S., a significant asset in the regulated financial landscape.
- Sequence: Hailing from New York, Sequence focuses on building essential blockchain infrastructure, including sophisticated crypto wallets, which are vital for user interaction within the digital economy.
The “Reverse Stripe” Play: A New Fintech Paradigm
Sandeep Nailwal articulated Polygon’s strategy as a “reverse Stripe.” He explained that while Stripe, a payments giant, first acquired stablecoin startups and then developed its own blockchain, Polygon is taking the opposite approach. Polygon already boasts a robust, long-standing network of blockchains built atop Ethereum. Its current strategy involves integrating these acquired startups to build out capabilities on its existing infrastructure, effectively transforming Polygon Labs into a “full-blown fintech company.”
Stripe’s own recent moves — including acquiring a stablecoin startup, a crypto wallet firm, and backing its own payments-focused blockchain — clearly indicate an ambition to control every layer of the stablecoin stack. Polygon’s counter-move is a direct response, aiming to carve out its own comprehensive ecosystem.
Riding the Stablecoin Wave
Polygon Labs’ aggressive pivot into payments aligns perfectly with the surging interest in stablecoins – cryptocurrencies pegged to real-world assets like the U.S. dollar. This enthusiasm has been further fueled by recent regulatory developments, including a new bill signed into law by President Donald Trump in July, which has spurred fintechs, tech giants, and even traditional banks to announce their own stablecoin initiatives. Proponents view stablecoins as a significant upgrade to outdated financial infrastructure.
While Polygon gained significant prominence during the NFT boom of 2021-2022, it has been strategically investing in payments for over a year, even successfully poaching John Egan, Stripe’s former head of crypto, underscoring its serious commitment to this sector.
Discrepancies and Regulatory Scrutiny
The exact financial details of the acquisitions remain a point of contention. CoinDesk reported that the Coinme deal alone was valued between $100 million and $125 million, suggesting Sequence’s price tag fell between $125 million and $150 million. However, Polygon Labs CEO Marc Boiron vehemently refuted these figures, stating, “Almost everything that CoinDesk wrote in that article is wrong.”
Boiron also addressed Coinme’s past regulatory challenges. In 2025, regulators in California and Washington targeted the company for violations, including failing to prevent customers from withdrawing more than $1,000 daily from its affiliated crypto ATMs. While Washington regulators later stayed a cease-and-desist order, the incidents highlight the intense scrutiny in the crypto space. Boiron, however, expressed confidence in Coinme’s compliance framework, asserting, “I think they go far beyond what is required… On the back end, the way that they handle being able to limit risk to users, I think is state of the art.”
Polygon’s Future in Fintech
These acquisitions mark a pivotal moment for Polygon Labs, cementing its evolution from a blockchain developer known for NFTs to a formidable player in the global fintech arena. By strategically integrating key services and licenses, Polygon is not just building on its existing network but actively shaping the future of digital payments and stablecoin adoption, setting the stage for an intriguing rivalry with established giants.
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