Polygon Invests $250m to Compete With Stripe #

The blockchain developer Polygon Labs just closed deals to acquire crypto startups Coinme and Sequence. Polygon’s shopping spree amounted to more than $250 million. The main aim behind the acquisitions was to support the blockchain network’s stablecoin strategy, said Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal.

Coinme specializes in converting cash into crypto and is known for its work with crypto ATMs. It has a suite of money transmitter licenses in the U.S. Meanwhile, Toronto-based Sequence builds out blockchain infrastructure, including crypto wallets.

The recent acquisitions place Polygon Labs in direct competition with fintech giant Stripe, according to the CEO. Stripe, on the other hand, bought a stablecoin startup, a crypto wallet firm, and backed its own blockchain focused on payments.