- Polygon Labs said it is making a full-scale push into the payments processing business following its acquisition of Coinme, a regulated U.S. crypto payments company.
- Polygon Labs said it expects to capture payment fees and turn the business profitable by 2027, while its regulated payments business is expected to post a profit next year.
- The company said the Coinme acquisition will let it handle conversions between cryptocurrencies, stablecoins and fiat currencies in-house, allowing it to collect foreign-exchange and remittance fees as revenue.
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Polygon Labs is making a full-scale push into payments processing after acquiring Coinme, a regulated U.S. crypto payments company. The company aims to move beyond providing blockchain infrastructure and capture payment fees directly, with a goal of turning the business profitable by 2027.
CoinDesk reported on October 17 that Polygon Labs Chief Executive Officer Marc Boiron expects the company’s regulated payments business to turn profitable next year.
Polygon Labs completed its acquisition of Coinme on October 14. Coinme is a regulated crypto payments company in the U.S., and the deal allows Polygon to handle conversions between cryptocurrencies, stablecoins and fiat currencies in-house.
“To be honest, we no longer think of ourselves as competing with other blockchains,” Boiron said. “We are a payments-focused company that uses blockchain to move money, and in particular uses Polygon.”
Previously, even when Polygon provided blockchain infrastructure for moving funds, it still had to hand customers off to outside providers for the actual payment process, including conversions between fiat and crypto. After the Coinme acquisition, Polygon can manage that step directly and collect revenue from foreign-exchange and remittance fees.
Polygon also expanded its payments push in January when it unveiled Open Money Stack, designed to support stablecoin-based payments and cross-border transfers.
Boiron said Polygon previously lacked a direct relationship with customers, which meant it could not determine how money flows would be handled. By operating a regulated business itself, it has now secured that customer relationship.
The gap with incumbent players in the global payments market remains wide. Visa’s payment volume topped $12.3 trillion in fiscal 2025, while Stripe processed $1.9 trillion.
Traditional payments companies are also expanding into stablecoins and blockchain. Stripe is broadening its stablecoin payments business, while Visa is extending its stablecoin payments network across multiple blockchains, including Polygon.
Polygon’s payments platform currently counts Tazapay, Mesh, Toku and Kima among its early users. The integrated service remains in technical testing and has not yet been formally launched for retail customers.
