ARCHITECT SUCCESSES

SEE ALL
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

OUR TEAM

Our partners roll up their sleeves and lead the day-to-day work.

Architect provides premium value M&A advisory and strategic financing for innovative entrepreneurs, investors, public company senior executives, and boards of directors. Our globally-experienced team is led by seasoned bankers who have honed their skills over decades at major firms and technology boutiques. We don’t have a B team–the partners you see are the people that do the work.

Eric F. Risley

Founder & Managing Partner

Eric F. Risley

Founder & Managing Partner

Eric Risley has guided senior executives and corporate boards through private and public financings, M&A and strategic transactions for over twenty-five years.

 

Eric founded and is Managing Partner at Architect Partners LLC, a digital asset and mergers & acquisition advisory firm focused on entrepreneurs and emerging growth companies and emerging technology sectors.

 

Previously, Eric led Global Software Corporate and Investment Banking for Banc of America Securities, building the practice into the technology group’s largest revenue-generating business while advising some of the firms’ largest clients including CA, BEA Systems, Symantec, Microsoft, Oracle and Veritas among others. Prior to BofA Securities, Eric co-founded the Silicon Valley technology investment banking practice for Oppenheimer & Co., Inc. (subsequently CIBC World Markets) where he eventually led both the Internet and Software Investment Banking business units. Eric was also Head of Investment Banking at Rutberg & Company, the well regarded wireless research and investment banking boutique.

 

Eric’s brings clients executive and Board-level relationships built over two decades at hundreds of venture and growth investors as well as important acquirers across the technology, Internet, mobile digital media and newly emerging blockchain sectors.

 

Selected client mandates include financing advisory assignments for Crypto | DLT-based clients: Securitize acquisition of Velocity Capital Markets and Open Finance Network and LO3 Energy financings. Recently completed M&A advisory mandates include the divestiture of FICO’s Cyber Risk Score business to Institutional Shareholder Services, the sale of Velocity Capital Markets to Securitize, the sale of Mavencare to Bayada, the sale of HireAHelper to Porch, the sale of Zetta to Marlin Equity portfolio company Arcserve, the sale of ThinkSmart Technologies to Cisco, the sale of SkyFire Labs to Opera Software, the sale of Avaak to Netgear, the sale of Qualcomm-backed Gimbal to The Mobile Majority, the purchase of Best Buy subsidiary mindSHIFT by RICOH, the sale of ENCAP Security to AllClearID, the sale of ZLEMMA to Hired and the sale of Mobidia to App Annie.

Steve Payne

Co-Founder & Partner

Steve Payne

Co-Founder & Partner

Steve Payne co-founded Architect Partners with Eric Risley who he’s known for twenty years. He is a Silicon Valley veteran with decades of experience connecting innovative startups with large global tech players for venture capital investments, strategic partnerships, and acquisitions.

 

Steve was once a senior operating executive, a venture investor, and has long been a dealmaker in Silicon Valley. Recently, he was Managing Partner of the Ignite Group, a trans-Pacific venture capital partnership with funds in Silicon Valley and Tokyo. Before that, he headed New Products at Sega and was EVP of Product Development and Marketing at SegaSoft.

 

Two bubbles ago, Steve left management consulting to head product marketing for a Kleiner Perkins and Sequoia Capital startup.

 

What ties his background together is a strong understanding of technology and a senior strategic perspective. He can connect young, fast-growing companies with world-class partners for business development, investment, or M&A.

 

Along the way, he’s built a broad network of relationships in the US venture ecosystem as well as in Asia and Europe and has completed more than a hundred venture financings and acquisitions.

 

In his spare time, Steve mentors startup CEOs and works with several accelerators to try to give back to tech and social entrepreneurs. He’s been a CEO mentor and/or business plan judge for the Cleantech Open, Draper University, K Global, One Harvard New Venture Competition, Global Social Ventures Competition, Oberlin LaunchU, along with others. Steve holds an engineering degree from Washington University in St. Louis and an MBA from Harvard. He has been a Director of two dozen private and non-profit boards.

Todd White

Partner

Todd White

Partner

Todd White was involved in more than $1.8 billion in capital transactions for various re/insurance ventures. Before Architect, he served as an SVP, did Corporate Strategy for Montpelier Reinsurance Group, was the Founding Director for Blue Capital Management, and served as the Founding General Counsel for Flagstone Reinsurance. He brings more than twenty years of experience in re/insurance, asset management, and capital markets to the team.

Peter Golder

Partner

Peter Golder

Partner

Peter Golder has advised senior executives and corporate boards on strategy, growth, risk management, corporate finance, M&A and strategic transactions for over 25 years.

 

Peter is a Partner with Architect Partners, a digital asset and M&A advisory firm that operates at the nexus of global capital markets, technology, and corporate finance.

 

Peter is an experienced capital markets CXO and board member.  Most recently Peter served as Managing Director and Head of Group Digital Assets at LSEG [London Stock Exchange Group].  Peter was also the Chief Commercial Officer at Six Digital Exchange [SIX/SDX] and a Board member of the Global Blockchain Business Council [GBBC] and the Ethereum Enterprise Alliance [EEA].  Prior to SIX/SDX, Peter was the founder and CEO of Euroclear Information Systems [a Euroclear Group company].

 

Previously, Peter was the co—founder and CEO of 776 Capital, a systematic quantitative investment manager and a Managing Director of Prosdocimi, a corporate finance and merchant banking boutique.  Peter was also the CEO of Dar Al Istithmar, Deutsche Bank’s award—winning Islamic structuring boutique and the Global Head of Strategy for Deutsche Bank’s Global Markets Equities division.  Earlier in his career, Peter was a Principal at Booz & Co where he advised global financial institutions on strategy and growth, M&A, technology and risk.

 

Peter is the author of recode, which examines the interplay between TradFi, DeFi and crypto in the context of innovation and transformation; and Goldchain, which explores the state of blockchain across global capital markets and identifies 7 areas for improvement to accelerate institutional adoption.  He is also a frequent speaker at Digital Assets, DLT and Crypto industry events and the founder of Akrong and 10V — a think tank and a media boutique.

 

Peter holds a PhD in Strategy from Bayes Business School, London, a MSC [Insigni Cum Laude] in European Law and Politics plus a MA and BA in Economics and Finance from the University of Basel.  In addition, Peter complemented his career with executive education from Harvard Business School, Chicago Booth School of Business and the Said Business School, University of Oxford.

Glenn Gottlieb

Managing Director

Glenn Gottlieb

Managing Director

Glenn Gottlieb brings a strong operational and transactional background to the team. Glenn handled product line growth at a global level for multiple high-tech companies, has held senior business and corporate development roles, has been with high profile startups as well as management consulting before entering investment banking. Along the way, Glenn co-founded two companies; one of which is owned by Yahoo.

 

Glenn has been involved with strategically evaluating technologies, business models and markets as an investor, acquirer, and as an investment banker for over 25 years.

 

Prior to Architect Partners, Glenn served as a director with Dresner Partners where he advised technology companies with equity raises and M&A.

Ryan McCulloch

Vice President

Ryan McCulloch

Vice President

Ryan McCulloch, now a Vice President at Architect Partners, started at the firm as an intern. He’s been on the team for six years.

 

Ryan graduated from San Diego State University, where he majored in Finance. He is passionate about investment banking and is especially interested in emerging technology M&A.

 

Throughout his life, Ryan has played hockey and still finds time for a pickup game every once in a while. Ryan also enjoys golfing, staying active, and going to the gym.

Elliot Chun

Senior Advisor

Elliot Chun

Senior Advisor

Elliot Chun has spent more than twenty years in capital markets across asset classes—digital asset markets, equities, FX, real estate— and across functions—investment banking, buy-side, consulting, and sell-side. For more than four years he has focused on crypto full-time, helping traditional companies to transition into the industry and bringing crypto companies access to capital markets.  ​​

 

He’s familiar with every size company having spent time at start-ups, Bank of America, and Perella Weinberg Partners.

 

Prior to Architect, Elliot founded and collaborated on ventures in blockchain and other emerging technologies, built an alternative asset management platform for a leading boutique investment bank, consulted on various initiatives for major investment banks, and started in cash equity sales and trading.

Michael Klena

Senior Advisor

Michael Klena

Senior Advisor

Michael Klena helps firms to raise capital and execute M&A. He has spent more than thirty years in financial services as a senior executive at leading firms like E*TRADE and TD Bank, working across the US and in London for several years. Over his career, Michael has been involved in numerous M&A deals, including Google’s IPO. Michael also led a Swiss digital asset exchange and an FX trading firm.

 

Along with his experience as a financial services senior executive, he possesses deep expertise in sales, service, trading, operations, and M&A within blockchain-based brokers and dealers, bricks-and-mortar, and online. Michael has built new divisions, overhauled struggling divisions, and developed management globally.

Howard Lee

Senior Advisor

Howard Lee

Senior Advisor

Howard Lee, a Senior Advisor at Architect Partners, has more than twenty-one years of experience in venture capital and private equity investing in Silicon Valley, and more than a decade of experience in research, development, and marketing in emerging and established technology companies and research institutions. His investments have spanned venture capital and private equity funds, and venture secondary. Howard brings extensive primary and direct secondary venture investment experience and networks in cybersecurity and IT infrastructure that provide trusted value to entrepreneurs and founders as they manage and build their companies.

 

Most recently, Howard was the Co-Founder and Managing Director of Founders Equity Partners (FEP), a $94 million venture secondary fund focused on the cybersecurity sector. Prior to FEP, he was Co-Head for US Private Equity at CDIB Capital, the private equity arm of CDIB, the largest industrial bank in Taiwan.

 

Prior to CDIB Capital, Howard was a General Partner at Crystal Ventures, a venture capital firm that focused on early-stage infrastructure and enabling technology companies in both the US and Asia. Howard was also a Vice President of the global venture capital firm Crimson Ventures. Before Crimson, he was Vice President and Co-Founder of Volendam Capital Advisors, a venture fund that invests in emerging growth high technology companies in the US and Europe. Howard has held management positions in product management and marketing at Applied Materials and has worked as a research investigator in optoelectronics and semiconductor materials at the US Army Research Labs. He has also held engineering positions at IBM and Unisys.

 

He currently serves on the Board of Trustees for the San Jose Police and Fire Retirement Plan and as an advisor and mentor to several Silicon Valley organizations including the Entrepreneurship course at the University of California at Berkeley.

 

Howard holds a BS (Highest Honors) in Electrical Engineering, a PhD in Electrical Engineering and Electro-Optics from Cornell University, and an MBA from INSEAD in Fontainebleau, France.

John Kennick

Senior Financial Analyst

John Kennick

Senior Financial Analyst

John is a Senior Financial Analyst at Architect Partners. He was previously an investment banking analyst at Nomura Greentech.