Polygon Labs spends $250 million to acquire Coinme and Sequence, ‘foundational’ elements of its Open Money Stack

Polygon Labs is spending over $250 million to acquire crypto exchange Coinme and wallet infrastructure firm Sequence. These acquisitions are intended to form the foundational components of Polygon's newly announced Open Money Stack, which focuses on global value transfers and aims to make Polygon the world's largest stablecoin movement avenue.

The integration of Coinme will provide fiat on- and off-ramps, leveraging Coinme's money-transmitter licenses across 48 U.S. states. Sequence will contribute wallet infrastructure and cross-chain orchestration capabilities via its intents engine to simplify payment flows. This move represents a strategic shift for Polygon Labs toward becoming a "blockchain-based payments company," simplifying the developer experience by offering integrated compliance, wallet, and onboarding services through a single API.

The Open Money Stack is designed as an open middleware stack to enable instant, reliable global payments using various on-chain money forms, decoupling what is sent from what is received, and aims to launch by the end of the year.

(Source：The Block)