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Coinme Acquired by Polygon Labs to Build its Open Money Stack
Coinme Acquired by Polygon Labs to Build its Open Money Stack

Transaction Overview
On January 13th, 2026, Polygon Labs announced it intends to acquire Coinme, a regulated crypto-as-a-service provider. Simultaneously, Polygon also announced the acquisition of Sequence, enabling payment flows across blockchain networks. Both acquisitions help build a fully integrated, rules-compliant stablecoin payments system – Poygon’s Open Money Stack.

Target: Coinme
Founded in 2014 and headquartered in Seattle, Coinme is a U.S.-regulated digital asset payments company offering crypto-as-a-service and stablecoin and crypto payment infrastructure for enterprises, fintechs, wallets, and payment applications.

Coinme is licensed and operates in 48 U.S. states, as well as Puerto Rico, and has built systems designed to handle fiat-to-crypto and stablecoin payments at scale while meeting U.S. regulatory requirements.

Coinme provides capabilities that partners integrate into their products. These capabilities, delivered as a set of APIs or SDKs, include KYC, payments by debit card, bank transfer, or cash, converting between fiat and crypto, trading, and custody, so partners can offer end-to-end crypto and stablecoin features embedded in their own applications.

Coinme also supports a large cash-to-crypto network through partnerships, providing the software and compliance layer that enables cash on-ramps and off-ramps at 50,000+ locations across the U.S.

Coinme serves more than one million users and has processed more than $1.3 billion in total transactions since it launched. Its enterprise customers include Coinstar, Exodus, Mercuryo, Baanx, and Breeze.

Coinme was co-founded by CEO Neil Bergquist and has raised $41M in equity funding from Pantera, Digital Currency Group, Coinstar, Circle, and MoneyGram.

Coinme competitors include: ZeroHash, MoonPay, Bridge | Stripe, Banxa | OSL, and Paxos.

Buyer: Polygon Labs
Polygon was founded in 2017 as Matic Network and is actively undergoing an evolution in its product offering. Polygon Labs, formed in 2023, is responsible for supporting the development of the Polygon ecosystem, with a focus on fast, low-cost blockchain infrastructure for payments.

Polygon is now building the Open Money Stack, an integrated set of services designed to move money instantly and reliably, globally. It combines blockchain settlement on the Polygon network with core payment components like wallets, stablecoin integrations, cross-chain connectivity, and compliance tooling, to keep funds on-chain so they can be used across on-chain financial applications.

To make this work across many different blockchains, Polygon Labs is building AggLayer, a settlement layer meant to help different blockchains connect and exchange value with each other quickly and at low cost, reducing the need for separate, disconnected systems.

Polygon is a listed token with a current fully diluted value of $1.6B. Polygonscan shows more than 6.2 billion total transactions on Polygon. Polygon’s website also points to scale indicators like billions of dollars of stablecoins on the network, millions of transactions per day on average, and monthly payment volume, and describes Polygon as infrastructure that can support “trillions” of value moving through it.

The company was co-founded by Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic, and Anurag Arjun, and is currently led by CEO Marc Boiron, who was appointed in 2023.

Historically, in 2021, Polygon acquired zero-knowledge cryptography companies Mir and Hermez for $400M and $250M, respectively, but these are no longer aligned with the company’s Open Money Stack vision.

Transaction Parameters
Polygon Labs is acquiring Coinme for an undisclosed amount. In combination with another acquisition, Sequence, simultaneously announced by Polygon today. The combined acquisition value is around $250M. This marks one of the first examples of a protocol acquiring an operating business. The Coinme transaction is expected to close in Q2 2026.

Architect Partners served as the exclusive financial advisor to Coinme.

Notable comparable transactions include OSL | Banxa for $62M (M&A Alert), Nuvei | Simplex for $250M (M&A Alert), Ripple | Rail for $200M (M&A Alert), Stripe | Bridge for $1.1B (M&A Alert), MoonPay | Iron for $100M (M&A Alert), and MoonPay | Helio for $175M (M&A Alert).

Strategic Rationale
Polygon is acquiring Coinme and Sequence to move from being a settlement rail to owning the full experience of how money comes on-chain, moves on-chain, and settles back into the real world. The combination of Coinme’s licensed payments offering with Sequence’s wallet and payments orchestration stack gives Polygon an end‑to‑end, regulated crypto payments platform that spans physical kiosks, embedded wallets, and cross‑chain routing.

On Day 1, Polygon can take this integrated “crypto‑as‑a‑service” solution to banks, PSPs, neobanks, and fintechs who want compliant, turnkey stablecoin and token payments without building their own licensing, infrastructure, or user experience.

Architect Partners’ Observations
This acquisition(s) underscores a broader inflection point in the blockchain protocol market: technological performance and scalability alone will not win. The integration of real-world rails and the ability to deliver end-to-end value for mainstream users are becoming table stakes. As the market matures, competitive advantage is shifting toward owning the commercialization layer, including regulated fiat access, compliance operations, distribution channels, partner integrations, and strong product integration.

Networks that rely entirely on third-party providers risk commoditization, margin leakage, inconsistent user experience, and strategic dependency, just as stablecoins and tokenized products begin to drive meaningful transaction volume and the corresponding revenue opportunities.
Polygon’s actions show they fully understand the importance of this approach.

Sources
Polygon Press Release
Architect Partner M&A Tracker
PitchBook

Alerts

Sygnum Raises $40M

Michael S. Klena
January 30, 2024
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On January 25, 2024, Swiss-based global digital asset bank, Sygnum, raised $40 million in a strategic growth round, valuing the company at over $900 million post-money.

Transaction Overview

On January 25, 2024, Swiss-based global digital asset bank, Sygnum, raised $40 million in a strategic growth round, valuing the company at over $900 million post-money. The round is led by global asset manager, Azimut Holding, and is joined by other new and existing strategic and financial investors.

 

Company Description

Sygnum is a Switzerland and Singapore-focused digital asset bank serving high-net-worth individuals,  institutional investors, banks, corporates, and DLT foundations. Their service offering includes digital asset banking, asset tokenization, asset management, custody, staking, trading, and lending. By the end of 2023, Sygnum achieved an annualized revenue run rate of $100 million and reached positive cash flow in Q4 2023. The company disclosed $3.5 billion in AUM in the same year, an increase from $2 billion at the end of 2021. The client base also grew from 1,000 at the end of 2021 to 1,700 by the end of 2023.

 

The company has ~260 employees and operates in Singapore, Switzerland, UAE, and Luxembourg, with a client base from over 60 countries. Sygnum is licensed as a banking and securities dealer by Switzerland’s FINMA and holds a CMS license from the Monetary Authority of Singapore. In June 2023, it received in-principle approval for a Major Payments Institutional Licence from the Monetary Authority of Singapore. Sygnum expanded to Luxembourg in December 2022 and acquired Financial Services Permission from Abu Dhabi’s ADGM FSRA in March 2023. Some notable clients include large Swiss banks such as PostFinance, Zuger Kantonalbank, and Luzerner Kantonalbank.

 

Sygnum also has a venture capital arm with a $75M fund that has invested in nine early-stage crypto companies.

 

Funding

Sygnum has raised $40 million in its strategic growth round at a $900 million post-money valuation. The company now has several financial and strategic investors such as Azimut Holding, Sun Hung Kai & Co., Meta Investments, Animoca Brands, Wemade, SBI Holdings, SCB 10X, and others.

 

Funds from this financing round will increase Sygnum’s presence in new global markets and enable quicker regulated product development, like its B2B (bank-to-bank) platform. This platform is currently utilized by more than 15 banks and financial institutions worldwide for cryptocurrency services.

 

In January 2022, Sygnum raised $90 million in their Series B at a post-money valuation of $800 million led by Sun Hung Kai & Co. Previous funding details were not disclosed.

 

Competition

Sygnum competes with others in the digital assets banking space. Some competitors include SEBA Bank and Bitcoin Suisse.

 

Architect Partners’ Perspective

As we discussed in our 2023 year-end report, financings overall were muted in the past 12 months, and the malaise was more pronounced in mid-sized financings ($25-$75M) like Sygnum.  It is our understanding that Sygnum has been in the market for nearly a year and finally gained traction as the overall crypto trading volumes (and the attached revenues) rose from the trough in Q4.    

 

The Swiss regulator, FINMA, is under extreme pressure due to the Credit Suisse implosion, and we believe granting new crypto bank licenses is not a priority.  As one of only 2 licenses granted in Switzerland, the value of the license itself can be driving a slight uptick in valuation along with a general improving sentiment of the market.  We view the valuation at the top end of the range, but caveat that we do not have full information on their revenues. 

 

While it’s not a milestone in the capital raising environment, it is a nice marker that things may be opening up to average flows.

 

Sources 

PitchBook, Company Website, Press Release