Polygon invests over $250 million to acquire two crypto startups, directly targeting the Stripe-style stablecoin landscape

On January 13, Polygon Labs announced the completion of acquisitions of two crypto startups, Coinme and Sequence, with a total transaction amount exceeding $250 million. Polygon Labs did not disclose the amount of each individual transaction nor specify whether the payment was in cash, equity, or a hybrid. Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal stated that these acquisitions are an important part of the company’s stablecoin and payment strategy, aiming to strengthen Polygon’s position in the payments infrastructure sector. Among them, Coinme, headquartered in Seattle, focuses on cash and crypto asset exchanges and operates a network of crypto ATMs across the United States, holding multiple state-level money transfer licenses; while Sequence, based in New York, provides blockchain infrastructure services, including crypto wallets and other products. Nailwal openly said that this move will push Polygon Labs into direct competition with Stripe. Over the past year, Stripe has acquired stablecoin startups, crypto wallet companies, and launched its own blockchain tailored for payment scenarios, aiming to control the entire stablecoin technology stack from payment processing to user asset storage. Overall, Polygon Labs is attempting to position itself in the new round of stablecoin infrastructure competition alongside traditional fintech giants.