Polygon Eyes $100M to $125M Acquisition of Bitcoin ATM Provider SineM: Report

Ethereum Layer-2 network Polygon is reportedly looking to buy US bitcoin ATM provider Coinme for a purchase price of between $100 million and $125 million.

Sources familiar with the matter told CoinDesk that ETH Skating Network is “close” to acquiring a BTC ATM company, with Architect Partners serving as a financial advisor.

CryptoNews reached out to Coinme executives for confirmation.

Coinme was one of the early entrants into Bitcoin ATM operations in the US. Kiosk first opened in 2014 and now has over 50,000 Bitcoin ATM locations in 49 US states.

Is Coinme Ending Bitcoin ATM Operations?

Last month, the Washington State Department of Financial Institutions (DFI) ordered Coinme to stop providing money transfer services. The regulator found the Seattle-based company illegally converted unpaid customer funds into corporate income.

DFI also ordered the company to pay more than $8 million to customers. Coinme is said to have asked customers to buy paper vouchers at kiosks and buy them online. However, when the vouchers were not paid within the time limit, Coinme claimed the balances as its own income.

As a result, Coinme may now have its license revoked, a $300,000 fine, and a 10-year industry ban for the company and its CEO, Neil Bergquist.

Polygon's acquisition of Coinme is an important step for both companies as Polygon completes a $450 million round of financing led by Sequoia Capital India in 2023.

The post Polygon Eyes Bitcoin ATM Provider Coinme Acquisition for $100M to $125M: Report appeared first on Cryptonews.