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Polygon Splashes Over $250 Million to Acquire Two Crypto Startups, Taking Aim at Stripe-Style Stablecoin Landscape
BlockBeats News, January 13th, Polygon Labs announced the completion of the acquisition of two cryptocurrency startups, Coinme and Sequence, with a total transaction amount exceeding $250 million. Polygon Labs did not disclose the individual transaction amounts or specify whether the payment was in cash, equity, or a mixed form.
Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal stated that this acquisition is a key part of the company's stablecoin and payment strategy, aiming to strengthen Polygon's presence in the payment infrastructure sector.
Among them, Seattle-based Coinme focuses on cash-to-crypto exchange services, operates a cryptocurrency ATM network in the United States, and holds multiple state-level money transfer licenses; New York-based Sequence provides blockchain infrastructure services, including cryptocurrency wallets.
Nailwal bluntly stated that this move will propel Polygon Labs into direct competition with Stripe. Over the past year, Stripe has successively acquired stablecoin startups, cryptocurrency 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 seeking to establish itself in the new round of stablecoin infrastructure competition, competing head-to-head with traditional fintech giants.
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