Polygon (Ethereum scaling firm) nears deal to buy Bitcoin ATM provider for $100M–$125M — sources

Polygon (Ethereum scaling firm) nears deal to buy Bitcoin ATM provider for $100M–$125M — sources

According to sources cited by CoinDesk, Polygon is nearing a $100M–$125M acquisition of Coinme, a long-running U.S. crypto kiosk operator, as the firm expands into payments and offline cryptocurrency access.

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Fact Check
The assessment is based on the high degree of consistency across all provided sources and the high authority of the primary source. The report originates as an 'Exclusive' from CoinDesk, a highly reputable crypto news outlet, which cites its own sources. This initial report is then corroborated by numerous other outlets, including reputable data firms like Messari and news portals from exchanges like Phemex and Bitget. All sources are in complete agreement on the core details of the statement: the acquiring entity (Polygon), the nature of the target (a Bitcoin ATM provider, specifically identified as Coinme), and the valuation of the deal (between $100 million and $125 million). There are no conflicting reports or contradictory evidence provided.The only factor preventing a higher truth probability is that the information comes from anonymous journalistic sources rather than an official confirmation or press release from Polygon or the target company. However, the language used in the reports, such as 'close to buying' and 'nearing an acquisition,' aligns perfectly with the statement's claim of a 'pending deal.' The consensus among credible industry sources makes the statement highly likely to be true.
Summary

Polygon is nearing completion of a deal to acquire Coinme for between $100 million and $125 million, according to sources. The non-public transaction is being advised by Architect Partners. Coinme has operated compliant cryptocurrency kiosks across about 49 U.S. states since 2014. The acquisition would support Polygon’s expansion into crypto payments and offline onramps, following its $450 million fundraising in 2023.

Terms & Concepts
  • Bitcoin ATM: A physical cryptocurrency kiosk that enables users to buy or sell Bitcoin and other digital assets using cash or cards.
  • Ethereum scaling: Technologies aimed at improving Ethereum’s transaction capacity and efficiency while maintaining security.
  • Offline onramps: Services or infrastructure that allow users to convert fiat currency into cryptocurrency through physical or non-digital channels.