Polygon Acquires Coinme to Compete with Visa and Stripe in Payments

CEO Marc Boiron says the acquisition gives Polygon direct customer relationships and captures revenue that once flowed to payment intermediaries like Visa and Stripe.

Polygon has acquired Coinme, a crypto-to-fiat gateway operator, in a move CEO Marc Boiron describes as an entry into the payments sector now dominated by Visa, Mastercard, and Stripe. The deal, whose financial terms were not disclosed, gives Polygon direct control over customer onboarding, transaction processing, and the fees that traditionally go to payment intermediaries.

Boiron told reporters the acquisition allows Polygon to own the entire customer relationship rather than relying on third-party payment processors. 'Every time someone buys MATIC or uses our network through a traditional gateway, a chunk of the transaction fee goes to Visa, Stripe, or another intermediary,' he said. 'With Coinme, we capture that revenue and build a direct relationship with the end user.'

Coinme operates a network of crypto-enabled ATMs and online gateways across the United States, processing fiat-to-crypto conversions for retail customers. The company has struggled with profitability in recent years as competition from exchanges like Coinbase and Kraken has intensified, but its regulatory licenses and payment infrastructure make it a strategic asset for a blockchain network seeking to bridge traditional finance and decentralized systems.

The acquisition comes as layer-1 and layer-2 blockchain networks face pressure to demonstrate real-world revenue beyond token sales and transaction fees. Polygon has spent heavily on ecosystem development and partnerships, including a 2024 deal with Samsung to integrate USDC remittances for Galaxy users, but core network revenue remains tied to volatile gas fees and token prices.

Industry analysts say the move reflects a broader shift among blockchain platforms toward vertical integration. 'Polygon is trying to do what Apple did with the App Store—own the platform, the customer, and the payment rails all at once,' said one payments consultant who requested anonymity. 'The question is whether they can compete with Visa's scale and regulatory relationships.'

For ordinary investors, the acquisition signals a new competitive front between blockchain networks and traditional payment processors. If Polygon can successfully convert Coinme's customer base to on-chain payments and remittances, it could drive sustained demand for MATIC tokens and network usage. However, the company will need to navigate complex money transmission regulations in dozens of jurisdictions, a challenge that has derailed or delayed other crypto payment ventures.

Polygon's stock—traded as a wrapped token on some exchanges and tracked by index providers—rose 3.7% in the hours following the announcement, though trading volume remained light. Investors will watch whether the company can retain Coinme's existing customer base and convert them into active Polygon users, a transition that has proven difficult for past acquirers in the crypto payments space.