Polygon Eyes Bitcoin ATM Provider Coinme Acquisition for $100M to $125M: Report

Ethereum Layer-2 community Polygon is reportedly wanting to purchase US Bitcoin ATM supplier Coinme for a purchase order value between $100 million and $125 million.

Sources conversant in the matter advised CoinDesk that the ETH scaling community is “close to” acquiring the BTC ATM firm, with Architect Partners serving as its monetary advisor.

Cryptonews has reached out to Coinme executives for affirmation.

Coinme is among the earlier entrants in Bitcoin ATM operations within the US. It first launched a crypto kiosk in 2014 and now has more than 50,000 Bitcoin ATM locations throughout 49 US states.

Is Coinme Halting Bitcoin ATM Operations?

Last month, Washington state’s Department of Financial Institutions (DFI) ordered Coinme to halt all money transmission services. The regulator alleges that the Seattle-based firm illegally transformed unredeemed buyer funds into company income.

Further, the DFI ordered the agency to repay over $8 million to prospects. Coinme reportedly requested prospects to buy paper vouchers at kiosks and redeem them on-line. However, when the vouchers have been unredeemed inside a timeframe, Coinme claimed the excellent balances as its personal revenue.

As a outcome, Coinme is now going through a possible revocation of its license, a $300,000 positive, and a probable 10-year trade ban for the corporate and its CEO, Neil Bergquist.

Polygon’s acquisition of Coinme is seen as an essential step for each firms, provided that Polygon accomplished a $450 million funding spherical in 2023, led by Sequoia Capital India.

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