Polygon acquires Coinme for $125 million, a key step from on-chain to payment infrastructure

Polygon announces plans to acquire US Bitcoin ATM operator Coinme, with a transaction value estimated between $100 million and $125 million. The deal is advised by Architect Partners. This is not just a simple asset acquisition but a significant extension of Polygon’s shift from pure technical scaling to real-world payment scenarios, marking a transition in public chain competition from performance alone to comprehensive application ecosystem deployment.

What is Coinme and Why Is It Worth This Price

Founded on May 1, 2014, Coinme is one of the first licensed Bitcoin ATM operators in the United States, currently operating Bitcoin ATMs in approximately 49 states. What does this mean? Simply put, Coinme controls a key channel for millions of US users to convert crypto assets into cash in the real world.

The company not only provides Bitcoin ATM services but has also expanded its grocery store self-service terminals to support various popular cryptocurrencies. In other words, Coinme’s user base, operational licenses, and offline network are mature, and Polygon’s goal is to connect this real-world payment network with its on-chain ecosystem.

Strategic Logic: Complete Payment Closure

According to the latest news, Polygon is already leading the entire network in the stablecoin sector. Data shows that there are 580,000 USDC addresses and 440,000 USDT addresses on the Polygon network, with P2P stablecoin trading volume reaching $3.7 billion. What do these numbers indicate? They demonstrate that Polygon has accumulated a large user base and trading foundation for stablecoins.

However, active on-chain activity alone is not enough if users cannot conveniently withdraw assets into the real world, which diminishes the practical utility of the ecosystem. This is precisely where Coinme’s value lies.

The strategic significance of this acquisition includes:

• Bridging the last mile of off-chain payments: Users can trade stablecoins on the Polygon chain and withdraw cash directly through Coinme’s ATM network, forming a complete closed loop
• Strengthening the payment infrastructure position: Upgrading from a simple transaction network to a payment settlement network, marking an evolution of public chains into financial infrastructure
• Capturing the North American market: Coinme’s presence in 49 US states provides Polygon with ready-made infrastructure for ecosystem expansion in North America

Deeper Signals

This acquisition reflects an important shift in the crypto industry: the focus of public chain competition is moving from “who is faster, with higher TPS” to “who can build a more complete application ecosystem.”

Polygon’s past success was rooted in its technical advantages as an Ethereum layer-2 network. But now, relying solely on technical superiority is no longer enough. Polygon needs to extend into real-world applications, with payments and withdrawals being the most direct and high-frequency use cases.

From this perspective, the $100 million to $125 million valuation for Coinme is not cheap, but for Polygon, it is a strategic investment. It’s not just buying an ATM network but acquiring a gateway to the real world.

Summary

The core significance of Polygon’s acquisition of Coinme lies in three points: first, completing payment infrastructure to enable on-chain ecosystems to truly land in real-world applications; second, strengthening Polygon’s leading position in the stablecoin ecosystem by upgrading from a transaction network to a payment settlement network; third, demonstrating that public chain competition has entered a new stage, where the focus is no longer solely on technical metrics but on who can build a more complete and practical ecosystem.

For Polygon, the success of this acquisition depends on whether it can effectively integrate Coinme’s offline network with its on-chain ecosystem, creating a seamless channel for users to convert digital assets into cash. If successful, this could serve as a key case of public chain evolution from a purely technical tool to a foundational payment infrastructure.