Polygon Labs said on October 14 that it had completed its acquisition of US money transmitter Coinme. According to the company, its US payments business covers 48 states through money transmitter licenses in 37 states and exemptions in 11, and it is registered as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN).
The acquisition integrates Coinme's US dollar on- and off-ramp infrastructure into Polygon's stablecoin payments platform, Open Money Stack (OMS). OMS connects accounts and wallets, cross-chain fund movement, and settlement functions with banks and payment networks. Companies can use it to receive funds, settle in stablecoins, and pay recipients in local currency.
Initial users include Tazapay, Mesh, Toku and Kira. Use cases include cross-border business payments, account funding, global payroll, and access to US dollar accounts and payment rails. According to The Block, individual OMS functions are operational, while integrated connectivity is in technical preview with selected customers.
Coinme, meanwhile, was cited in state regulatory examinations for failing to meet net-worth requirements and for deficiencies in its accounting and anti-money-laundering systems. Under a settlement announced on October 8, it agreed to wind down its crypto kiosk business by year-end, commission an independent review and make improvements to its anti-money-laundering program, and pay $2.5 million in administrative penalties and costs.