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Jan 13 (Reuters) - Blockchain steadfast Polygon Labs said connected Tuesday it would bargain crypto payments institution Coinme and crypto infrastructure supplier Sequence for much than $250 million, arsenic it looks to pat the increasing request for stablecoin-based transactions.
Stablecoins, integer tokens pegged to unchangeable assets such arsenic the U.S. dollar, are progressively being explored arsenic a instrumentality for payments and settlements, particularly aft the transition of the Genius Act past year.
However, the infrastructure for specified transactions remains fragmented, and Polygon's acquisitions purpose to bring cardinal pieces in-house portion expanding its scope successful the market.
"Our extremity is to go a regulated U.S. payments player. Payments is the slayer usage case," Polygon CEO Marc Boiron said successful an interrogation with Reuters.
The archetypal propulsion volition people business-to-business payments, with a pivot to user services expected later, Boiron said.
Established players such arsenic Visa and Mastercard are vying for dominance successful stablecoin payments, but the crowded marketplace whitethorn marque it harder for companies to differentiate themselves.
Boiron, however, said Polygon's strategy successful the adjacent word would beryllium built connected partnerships alternatively of head-to-head rivalry.
"In 5 oregon 10 years, we volition find retired if cards are inactive going to beryllium necessary. But for the clip being, we tin enactment unneurotic rather collaboratively and turn the pie," helium said.
Coinme, founded in 2014, allows users to person currency to crypto. Its investors see crypto manufacture heavyweights specified arsenic Pantera, Digital Currency Group and Circle.
Sequence offers technology to simplify crypto transfers crossed blockchains. It has been backed by Brevan Howard Digital and Coinbase, among others.
(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)
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