Polygon Labs Completed acquisition of Coinme, making Open Money Stack a regulated U.S. payments platform
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AT A GLANCE
Polygon Labs said it had completed its acquisition of Coinme and incorporated regulated money transmission services into Open Money Stack.
Article
Polygon Labs Completed acquisition of Coinme, making Open Money Stack a regulated U.S. payments platform
PANews October 14 reported that Polygon Labs announced the completion of its acquisition of Coinme and the integration of regulated U.S. money transmission services into Polygon Open Money Stack. Through this transaction, Polygon’s U.S. payments business covers 48 states, holds money transmission licenses in 37 states and 11 applicable exemptions, and is registered as a money services business with FinCEN. Tazapay, Mesh, Toku, and Kira have become the first customers, using it for cross-border commercial payments, account funding, global payroll disbursement, and USD services.
Polygon Labs announced that it had completed its acquisition of Coinme.
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Polygon Open Money Stack incorporates regulated U.S. money transmission services.
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Polygon’s U.S. payments business covers 48 states and holds 37 state money transmission licenses and 11 applicable exemptions.
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Polygon is registered as a money services business with FinCEN.
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Tazapay, Mesh, Toku, and Kira became the first customers, using it for cross-border commercial payments, account funding, global payroll disbursement, and USD services.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This means Polygon Labs indicates that it integrated Coinme’s regulated U.S. money transmission services into Open Money Stack and offers businesses a range of payment-related use cases.
Why it matters to readers
licenses, exemptions, and FinCEN registration information indicate that the payments business has the U.S. compliance coverage described in the article; the first customers illustrate potential use cases.
Open Money Stack can be understood as payment infrastructure for businesses; licenses and regulatory registration generally relate to whether payment services can be provided in the relevant jurisdictions.
Risks and unknowns
The original text came from a PANews report and did not provide Polygon Labs the original announcement link.
The terms of the acquisition were not disclosed in the original text.
The original text did not state whether the first customers had actually gone live or generated transaction volume.
The continuing validity of the licenses and applicable exemptions was not further explained in the original text.
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Related concepts
money transmission licenses
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