Ethereum scaling platform Polygon is nearing an acquisition of bitcoin ATM company Coinme, according to sources

Polygon Nears Acquisition of Coinme, a Leading Bitcoin ATM Operator

Polygon, an Ethereum Layer-2 network known for its rapid transaction processing and reduced fees, is reportedly in advanced talks to acquire Coinme, a pioneering bitcoin ATM provider in the United States, according to sources with knowledge of the negotiations.

Insiders reveal that Polygon is considering a purchase price between $100 million and $125 million for Coinme, with Architect Partners serving as its financial advisor. The individuals requested anonymity due to the confidential nature of the discussions.

At the time of reporting, Coinme had not issued a statement, and Polygon also chose not to comment on the potential deal.

Coinme launched its first regulated bitcoin ATM on May 1, 2014, and has since expanded its operations to nearly every state in the U.S., installing bitcoin ATMs in 49 states. Over time, the company broadened its offerings by enabling customers to access a variety of popular cryptocurrencies at its grocery store kiosks, as reported by Coindesk in 2022.

In 2023, Polygon secured $450 million in investment during a funding round led by Sequoia Capital India, further strengthening its position in the Web3 ecosystem.