India, Jan. 14 -- With an eye on shoring up its presence, L2 blockchain startup Polygon Labs has agreed to acquire US-based crypto platforms Coinme and Sequence for over $250 Mn.

Sources told Inc42 that the acquisition will enable the startup to sharpen its focus on payments and regulated stablecoin use cases in the US.

People familiar with the matter also said the deal is largely all-cash, with a small equity component in the Sequence acquisition. As per sources, Polygon is also finalising the entity structure and licences needed to run payments and wallet infrastructure in the US.

With these acquisitions, Polygon is trying to move beyond being merely a low-cost blockchain. As block space becomes cheap across networks such as Solana, ...