Polygon Labs' Sequence and CoinMi acquire $250 million, ramping up on-chain payment strategy

In January 2025, Polygon Labs(Polygon Labs) officially began building a blockchain-based payment ecosystem by acquiring two cryptocurrency startups, Sequence(Sequence) and Coinme(Coinme), for over $250 million. According to Fortune(Fortune), this acquisition is a key strategy for Polygon to realize its pursuit of a fully on-chain payment stack.

Sequence and Coinme Lead Polygon’s Payment Network Expansion

The acquired companies, Sequence and Coinme, provide wallet and on-chain infrastructure services, responsible for the core technology stack for blockchain-based transactions. Meanwhile, Coinme holds remittance licenses in various states across the U.S. and has played a role in connecting the real economy through the development of cryptocurrency ATM infrastructure.

Because the capabilities of the two companies differ, Polygon’s acquisition strategy aims to build an integrated payment system that encompasses both off-chain and on-chain solutions. Especially when combining Sequence’s wallet technology with Coinme’s regulatory licenses, it can advance from a purely technology-driven stablecoin solution to a fully functional payment infrastructure ready for real-world use.

Blockchain Payment Strategy Contrasting with Stripe

Polygon described this acquisition as a ‘reverse alignment(reverse alignment),’ contrasting with the strategies of existing payment companies. While companies like Stripe(Stripe) pursue a corporate-centric stablecoin strategy, Polygon has chosen an approach that integrates various payment services on top of on-chain technology.

This strategy leverages the transparency and efficiency inherent in blockchain while also seeking coexistence with existing regulatory frameworks. The on-chain payment stack Polygon aims to build is not just a technological innovation but a next-generation payment infrastructure compatible with existing financial systems.