Polygon Labs, the firm behind the Layer-1 blockchain, often dubbed the Ethereum killer, is making a big move to boost global use of cryptocurrency. The company plans to spend $250 million to buy two established cryptocurrency companies, Coinme and Sequence.
Polygon Labs to Acquire Coinme and Sequence
The acquisitions will enhance Polygon’s new Open Money Stack, a customizable tool for easier global value transfer using stablecoins and onchain assets. According to the announcement, the Open Money Stack aims to create a smooth financial layer that connects traditional finance with blockchain technology.
By offering easy cash conversion, wallet tools, and cross-chain support, this platform will enable quick, compliant, and scalable digital payments for users and developers. Sequence offers advanced technology for smart wallets.
This allows users to transfer assets across different blockchain networks with just one click, without needing complicated steps.
Polygon’s Open Money Stack Comes With Lots of Benefits
Similarly, Coinme holds money transmitter licenses in 48 U.S. states, allowing it to work legally with cash and digital money across most of the U.S. This is essential for users to change cash and digital money into stablecoins and other digital assets, and vice versa.
Notably, Polygon Labs expects to complete the Coinme acquisition in the second quarter, while the Sequence deal will finish this month. Together, Coinme and Sequence will provide three key parts of the Polygon Open Money Stack.
These include physical cash and digital fiat on- and off-ramps, strong wallet infrastructure, and cross-chain connections through intents.
With these, Polygon Labs aims to make the Open Money Stack a core resource for payments, remittances, and online commerce. Undoubtedly, this plan shows Polygon’s goal to move beyond just scaling solutions and create a comprehensive financial infrastructure.
KRW1 Launches on Polygon for Faster, Cheaper Payments
Last month, BDACS, a regulated digital-asset custodian, launched its KRW-backed stablecoin, KRW1, on the Polygon network. The launch aims to make KRW1 more widely used for payments, money transfers, and business systems.
The Polygon network is widely known for its high throughput and low transaction costs. KRW1 now runs on a platform that can grow with demand. Meanwhile, several payment companies like Flutterwave, Stripe, Circle, and Mastercard have tapped the network to drive global payments and cross-border remittances.
Polygon’s team said its network is stable, easy to integrate with, and supports regulated digital assets. This helped KRW1 launch smoothly.
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