Polygon spends over $250 million to acquire two crypto startups, aiming for a Stripe-style stablecoin ecosystem

BlockBeats News, January 13, Polygon Labs announced the completion of the acquisition of two crypto startups, Coinme and Sequence, with a total transaction amount exceeding $250 million. Polygon Labs did not disclose the amount of each transaction, nor did it specify whether the payment was made in cash, equity, or a combination of both.

Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal stated that this acquisition is an important part of the company's stablecoin and payment strategy, aiming to strengthen Polygon's position in the payment infrastructure sector.

Among them, Seattle-based Coinme focuses on cash and crypto asset exchange services and operates a crypto ATM network in the United States, holding multiple state-level money transmitter licenses; New York-based Sequence provides blockchain infrastructure services, including crypto wallet products.

Nailwal bluntly stated that this move pushes Polygon Labs into direct competition with Stripe. Over the past year, Stripe has successively acquired stablecoin startups and crypto wallet companies, and launched its own blockchain for payment scenarios, aiming to control the complete stablecoin technology stack from payment processing to user asset storage.

Overall, Polygon Labs is attempting to secure a position to compete alongside traditional fintech giants in the new round of stablecoin infrastructure competition.