Polygon Labs, the developer behind the Ethereum scaling network, has announced the acquisition of two crypto firms—payments platform Coinme and infrastructure company Sequence—for a combined $250 million. This strategic move signals Polygon's push to become a regulated payments entity and expand its on-chain revenue streams.
In an interview with Decrypt, Polygon Labs CEO Marc Boiron framed the acquisitions as building "regulated middleware" for businesses. The goal is to offer a comprehensive API that simplifies onboarding, off-ramping, wallet management, and cross-chain fund reception. "We give one API, you plug it in, and now you have a blockchain that you can on-ramp and off-ramp to, with wallets, and you can receive funds from any other chain," Boiron stated.
Coinme, a FinCEN-registered money services business founded in 2014, powers over 6,000 Coinstar kiosks and provides a physical cash-to-crypto on-ramp at approximately 50,000 U.S. locations, including major retailers like Walmart. Boiron described this service as a "Trojan horse" for crypto onboarding, emphasizing its ease of use for mainstream adoption.
Sequence, previously Horizon Blockchain Games, develops enterprise smart wallets and cross-chain payment routing technology. Its recent "transaction coordination platform" aims to solve interoperability challenges in crypto.
Boiron highlighted a significant shift in Polygon's strategy: from primarily driving value to its native POL token to actively generating revenue. The company plans to earn through basis points on transactions facilitated by Coinme, including swaps and on-ramps. "One thing that we realized is that it's actually revenue generating businesses that give us an opportunity to drive even more volume on the chain," he explained, adding that this would also drive more revenue to POL stakers.
This news follows a period of strong on-chain performance for Polygon. The network recently reported earning over $1.7 million in fees in 2026, largely fueled by high-frequency prediction markets on Polymarket, which contributed up to $100,000 in fees in a single day. Additionally, Polygon achieved a throughput of 16.67 million gas per second and $1.45 million in revenue over the past week, marking a 171% week-over-week increase.
The acquisitions are part of Polygon's broader "Open Money Stack" initiative, an all-in-one toolkit introduced last week for integrating blockchain capabilities into financial applications, focusing on payments, lending, remittances, and interoperability.
The acquisition of Sequence is expected to close later this month, while the Coinme deal is slated for the second half of the year.
