Polygon Labs acquires web3 gaming infra outfit Sequence for a rumored $125 million
The renewed dynamism of Polygon blockchain developer Polygon Labs continues apace with the news that it’s acquired two web infrastructure companies – Sequence and Coinme – in a deal worth $250 million, most likely a combination of cash, equity and crypto.
The value of the individual elements of the deal between the two companies wasn’t officially disclosed, although previous rumors suggested Polygon was paying around $125 million for Coinme, suggesting a fairly even split.
Sequence was founded as Horizon Blockchain Games in Canada in 2018, quickly launching its TCG Skyweaver. However, over time its business has become increasingly focused on providing tools for game developers to handle complex blockchain infrastructure including social sign-in wallets, minting, marketplaces and payments.
It first signed a deal with Polygon in 2023 when it became the blockchain’s preferred wallet partner.
In total, Sequence raised around $50 million from investors including Brevan Howard Digital, Morgan Creek Digital and Bitkraft.
Developers using its technology included Ubisoft, Magic Eden, ApeChain, Immutable and TapNation.
As for Coinme, it’s a payments and banking infrastructure outfit, working with finance and DeFi companies. It also has access to 50,000 retail locations in the US offering fiat-to-crypto services, including around 6,000 of its own Bitcoin ATMs. In this manner, Coinme helps deal with issues such as compliance and KYC. Its platform is fully licensed and regulated in the United States.
Coinme has raised around $35 million from investors including Pantera Capital, DCG, Ripple, Circle, Coinstar, and MoneyGram.
Polygon Labs’ activity follows a renewed push to offer more than pure blockchain services into a more complete infrastructure ecosystem, something it now calls the Polygon Open Money Stack. Its stated goal is to become a regulated US payments provider.
