Polygon Labs Acquires Two Crypto Startups for $250 Million

Polygon Labs has acquired the crypto startups Coinme and Sequence. The total value of the deal exceeded $250 million, though the exact allocation of funds and payment terms remain undisclosed, reports Fortune.

The acquisitions are part of the developer’s new strategy to expand its stablecoin initiatives. Sandeep Nailwal, founder of Polygon Foundation, stated that the company is transforming into a full-fledged fintech business, entering direct competition with the payment giant Stripe.

“It’s a kind of ‘Stripe in reverse.’ They first acquired startups for ‘stable coins’ and then built their blockchain. We already have a long-established network, and we are attracting projects to build on top of it,” he explained.

Based in Seattle, Washington, Coinme specializes in converting cash into cryptocurrency and holds money transfer licenses in the U.S. New York-based Sequence focuses on infrastructure and crypto wallets development.
Earlier, CoinDesk reported that the purchase of Coinme cost Polygon Labs between $100 million and $125 million. The company’s CEO, Marc Boiron, refuted these claims in a comment to Fortune, calling the article “almost entirely incorrect.”
The head of the firm also addressed Coinme’s regulatory issues. In 2025, authorities in California and Washington raised concerns about the startup due to high withdrawal limits at crypto ATMs. Boiron stated that he considers Coinme’s compliance system “advanced” and the regulators’ demands excessive.