Polygon acquires Bitcoin ATM operator for $125 million: Why enter fiat on/off ramps

According to the latest news, Polygon is close to completing the acquisition of U.S. Bitcoin ATM operator Coinme, with a transaction amount of $100 million to $125 million, advised by Architect Partners. This deal has attracted industry attention: as an Ethereum layer 2 network, why is Polygon venturing into traditional financial infrastructure? What is the strategic logic behind it?

Value of the Acquisition Target

Coinme was founded in 2014 and is one of the earliest licensed Bitcoin ATM operators in the United States. It activated its first licensed Bitcoin ATM on May 1, 2014. Currently, its operations cover approximately 49 U.S. states, making it one of North America’s largest Bitcoin ATM networks.

This means that Polygon’s acquisition is not just acquiring a ATM brand, but also gaining:

• A nationwide fiat on/off-ramp network
• A comprehensive compliance licensing system
• An established user base and operational experience

Strategic Intent Analysis

Filling the Ecosystem Shortcomings

Polygon’s on-chain ecosystem is already quite complete. According to public data, there are 58 million USDC addresses and 44 million USDT addresses on the Polygon network, with P2P stablecoin trading volume reaching $37 billion in the past 24 hours. But these advantages are limited to on-chain; fiat on/off-ramps have long been a bottleneck restricting user growth.

Acquiring Coinme directly addresses this issue—users can buy or cash out crypto assets in USD through a widespread ATM network across the U.S., significantly lowering the entry barrier.

Extending from On-Chain to the Real World

This acquisition reflects a broader trend: blockchain projects are no longer satisfied with purely on-chain ecosystems but are actively extending into real-world financial infrastructure. Through this acquisition, Polygon has achieved an upgrade from a “layer 2 network” to an “on-chain and off-chain integrated” platform.

Natural Extension of the Stablecoin Ecosystem

Polygon’s strong position in the stablecoin sector makes this acquisition even more meaningful. When on-chain stablecoin liquidity is abundant and trading is active, the next step naturally involves considering how to integrate these stablecoins into everyday payment scenarios. Coinme’s ATM network provides such an entry point.

Potential Impact

For Polygon, this investment may have a longer return cycle, but its strategic value is clear. It can attract more mainstream users into the ecosystem and reinforce Polygon’s positioning as the “layer 2 network closest to real-world applications.”

For the entire crypto industry, this also signals that leading blockchain projects are shifting from pure technological competition to ecosystem competition, and mergers with traditional financial infrastructure may become a new trend.

Summary

Polygon’s $125 million acquisition of Coinme essentially fills the gap in fiat on/off-ramps. This not only enhances the existing on-chain ecosystem but also signifies a proactive extension of blockchain projects into the real financial world. Once the stablecoin ecosystem matures sufficiently, infrastructure connecting to the fiat world will naturally become the next battleground. The ultimate value of this deal depends on whether Polygon can truly integrate Coinme’s ATM network with its on-chain ecosystem to create a complete channel from fiat to crypto assets.