Ethereum’s second-layer network Polygon is reportedly looking to acquire US-based Bitcoin ATM provider Coinme for a purchase price between $100 million and $125 million.
Scaling network Ethereum is “close” to acquiring Bitcoin company ATM, with Architect Partners serving as financial advisor, sources familiar with the matter told CoinDesk.
Cryptonews has reached out to Coinme executives for confirmation.
Coinme is one of the first companies to enter the Bitcoin ATM business in the United States. The company launched its first cryptocurrency kiosk in 2014 and now has more than 50,000 Bitcoin ATMs across 49 US states.
Has Coinme Shut Down Bitcoin ATM Operations?
Last month, the Washington State Department of Financial Institutions ordered Coinme to stop all money transfer services. The regulator alleges that the Seattle-based company illegally converted unrecovered customer funds into revenue for the company.
Additionally, the Department of Financial Institutions ordered the company to refund more than US$8 million to its customers. Coinme reportedly asked customers to purchase paper vouchers at self-service kiosks and use them online. However, when the vouchers were not used within a specified period, Coinme claimed the amounts owed as its own income.
As a result, Coinme now faces license revocation, a $300,000 fine, and a potential 10-year ban for the company and its CEO, Neil Bergquist.
Polygon’s acquisition of Coinme is seen as a significant milestone for both companies, given that Polygon completed a $450 million funding round in 2023, led by Sequoia Capital India.
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