Polygon Makes Splashy $250M+ Acquisition of Two Crypto Startups, Taking Aim at Stripe-Like Stablecoin Vision

January 13: Polygon Labs announced it has completed the acquisition of two crypto startups—Coinme and Sequence—with a total transaction value exceeding $250 million. The company did not disclose individual amounts for each deal or specify if payment was made in cash, stock, or a mix. Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal noted the acquisition is a key part of Polygon’s stablecoin and payment strategy, aimed at boosting its presence in the payment infrastructure space. Seattle-based Coinme specializes in cash-to-crypto exchange services, runs a U.S. cryptocurrency ATM network, and holds multiple state-level money transmitter licenses. New York-based Sequence offers blockchain infrastructure services, including crypto wallets and other tools. Nailwal bluntly stated the move positions Polygon Labs to directly compete with Stripe. Over the past year, Stripe has acquired stablecoin startups and crypto wallet firms, launched its own blockchain for payment use cases, and aims to control the full stablecoin technology stack—from payment processing to user asset storage. Overall, Polygon Labs is looking to establish itself in the latest round of stablecoin infrastructure competition, aiming to go head-to-head with traditional fintech giants.