Polygon targets stablecoin payments with deals worth $250 million

Core Insights - Polygon Labs is acquiring Coinme and Sequence for over $250 million to enhance its capabilities in stablecoin-based transactions [1][2] - The company aims to become a regulated U.S. payments player, initially focusing on business-to-business payments with plans to expand into consumer services later [2] Group 1: Acquisitions and Strategy - The acquisitions of Coinme and Sequence are intended to consolidate fragmented infrastructure for stablecoin transactions and expand Polygon's market reach [2] - Polygon's CEO emphasized that the company's strategy will focus on partnerships rather than direct competition with established players like Visa and Mastercard [3] Group 2: Company Backgrounds - Coinme, founded in 2014, enables users to convert cash to cryptocurrency and has notable investors including Pantera, Digital Currency Group, and Circle [4] - Sequence provides technology to facilitate crypto transfers across different blockchains and has received backing from Brevan Howard Digital and Coinbase [4]