Polygon is close to acquiring Coinme for a figure of up to 125 million dollars according to close sources. The report reveals that Polygon’s acquisition of Coinme seeks to dominate the physical Bitcoin ATM sector. Architect Partners is acting as the official financial advisor in this important institutional purchase process for the network.
Coinme currently operates more than fifty thousand physical terminals across almost the entire US territory consistently. The firm was a pioneer in launching its first digital kiosk during the year 2014 for the general public. This massive network of ATMs would strengthen the physical presence of Polygon in the North American financial sector.
Likewise, the operation would allow a direct integration of digital assets into thousands of established retail points of sale. Therefore, Coinme’s infrastructure becomes a vital bridge to connect with new retail investors.
Polygon completed a successful 450 million dollar funding round led by the giant Sequoia Capital India previously. However, Coinme faces a court order from the Department of Financial Institutions for serious internal accounting and financial irregularities.
The company must return eight million dollars to its customers for unredeemed funds under its operating scheme. Hence, the state regulator has requested the immediate suspension of all its current money transmission operations. Additionally, the firm’s CEO could face a severe ten-year industrial ban due to these accusations.
The strategic potential behind the largest ATM network in North America
The market is cautiously watching how this purchase could finally clean up Coinme’s legal and operational reputation. On the other hand, Polygon’s liquidity would facilitate the payment of the million-dollar fines imposed by the DFI regulator.
The physical payments infrastructure is a very valuable asset for the mass adoption of new technologies. In this way, users could interact with layer two solutions easily through the kiosks. Therefore, Polygon seeks to transform these physical points into direct access nodes to its digital ecosystem.
The price of Polygon’s native asset could react positively to this aggressive and ambitious territorial expansion. In addition, the company seeks to avoid a ten-year industrial ban for the firm’s current CEO. Resolving these legal conflicts is a priority to close the final agreement between both interested parties.
Also, the traditional financial sector monitors the convergence between kiosks and modern decentralized networks with great attention. Therefore, this acquisition would represent a firm step toward the maturity of the digital asset industry.
Will the scaling technology succeed in rescuing the operation of Bitcoin ATMs?
Polygon’s acquisition of Coinme represents a bold move in the midst of a complex and rather uncertain legal scenario. However, cryptocurrencies require solid physical bridges to reach a much broader and more globally diverse audience.
The success of this integration will depend on regulatory approval in Washington during the next fiscal cycles. Therefore, the development team will work on exhaustive audits to ensure the total transparency of the operating system. In this way, it seeks to guarantee the total protection of end-user funds.
The final agreement is expected to materialize soon after resolving the outstanding financial liabilities with the affected users. On the other hand, the terminal network could be modernized with much faster and technologically secure validation protocols.
The community expects that money transmission services will be restored soon under the new corporate management. Undoubtedly, this transaction will mark a milestone in the commercial expansion of secondary scaling networks. Hence, the future of Bitcoin’s physical infrastructure in the United States depends on this corporate rescue.
