Polygon Labs has completed the acquisition of Coinme, entering the payment sector dominated by Visa and Stripe

Polygon Labs announced that it has completed the acquisition of the U.S. regulated cryptocurrency payment service provider Coinme. Polygon Labs CEO Marc Boiron stated that the company's regulated payment business is expected to become profitable by 2027, indicating a shift in its business focus from blockchain infrastructure to payment processing. The company announced the completion of the transaction on Wednesday.

Boiron mentioned that after acquiring Coinme, Polygon can leverage its own resources to facilitate exchanges between cryptocurrencies, stablecoins, and fiat currencies, thereby gaining control over customer relationships and collecting conversion and transfer fees, which previously flowed to other payment intermediaries. He stated that the company no longer sees itself as competing with blockchain but rather as "a payment-centric company that simply uses blockchain to transfer funds." This transaction is part of Polygon's business transformation, as the company launched the Open Money Stack framework earlier this year to support stablecoin payments and simplify cross-border transfers.

As a result, Polygon enters the payment industry dominated by companies like Visa and Stripe. Visa's payment volume exceeded $12.3 trillion in fiscal year 2025, while Stripe reached $1.9 trillion. Meanwhile, Stripe is building a stablecoin payment business, Swift is developing blockchain infrastructure with several large banks, and Visa has incorporated blockchains like Polygon into its stablecoin settlement network. Early users of the Polygon payment platform include cross-border payment service provider Tazapay, cryptocurrency payment network Mesh, global payroll platform Toku, and payment infrastructure company Kira, whose unified integration is still in the technical preview phase and has not yet been fully opened to customers.