The two crypto startups were acquired by Polygon Labs, the development arm of the Polygone (POL) ecosystem’s developer arm, Polyon LabS, to strengthen its position in the stablecoin and payment infrastructure space. The firm also paid more than $250 million for Coinme and Sequence.
Neither the amount paid for each purchase nor whether the transactions were made with cash, shares or a combination of both was disclosed.
This is a critical part of Polygon Labs CEO Marc Boiron, and Polygone Foundation founder Sandeep Nailwal’s stablecoin and payments strategy. It added that this step is intended to strengthen Polygon’s position in the global payments infrastructure market, adding ‘This move will help build up Polygone’.
Coinme, based in Seattle, is an exchange company that deals with cash and cryptocurrency transactions among the acquired companies; it operates a large network of crypto ATMs throughout the US. Coinme is also notable for obtaining money transfer licenses in several states. Sequence in New York, offers a number of Blockchain Infrastructure products (mostly crypto wallets) for the blockchain infrastructure industry.
Clearly, Sandeep Nailwal stated that these acquisitions put Polygon Labs in direct competition with Stripe. During the last year, Stripe has acquired stablecoin startups and crypto wallet companies; it is also known for its own blockchain-based payment model (the whole stack of stable coin technology), from payments infrastructure to user assets storage.
*This is not investment advice.
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