Polygon CEO Sees Coinme Deal as Entry to Payments Business Led by Visa, Stripe
Article excerpt
Polygon Labs (CRYPTO: $POL) expects its regulated payments business to turn profitable in 2027, according to CEO Marc Boiron, as the Cayman Islands-based company moves from building blockchain infrastructure into payment processing, a field led by Visa (NYSE: $V) and Stripe. The developer of the Polygon blockchain completed its acquisition of Coinme on Wednesday. Coinme is a U.S.-regulated crypto payments provider, and the deal lets Polygon convert between cryptocurrencies, stablecoins and traditional money using its own resources. The purchase, announced in January, forms part of a broader shift that includes the Open Money Stack, a framework for stablecoin-based payments and cross-border transfers. Boiron described the company as "a payments-focused company that just uses blockchains to move money," adding that he no longer thinks of Polygon as competing with other blockchains. The Coinme purchase lets Polygon charge fees for converting and moving money, revenue that previously went to other businesses. More From Cryptoprowl: Cardano Founder Hoskinson Says Midnight Will Surpass Zcash, Urges Gemini to List ADA Stacks Founder Warns Bitcoin Security Breach Could Hit Entire Crypto Market Coinbase Targets Banks As Institutional Crypto Adoption Grows 60 Percent of Community Banks See Stablecoins as a Threat to Deposits, Lending Crypto Heavyweights Back OKX at $25B Valuation...
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Visa has added the Polygon blockchain to its stablecoin settlement network and launched a platform that lets banks and fintechs issue, manage and settle stablecoins.
