Blockchain developer Polygon Laboratories It is looking to raise between $50 million and $100 million to build a new stablecoin payment company, The Information I mentioned Wednesday (April 8), citing unnamed sources.
The company is looking to diversify its business amid the current cryptocurrency downturn, which saw its polygon tokens lose 90% of their value two years ago, according to the report.
Like some other companies, Polygon sees opportunities in stablecoin payments after stablecoin legislation is passed in July 2025, according to the report.
Polygon, contacted by PYMNTS, declined to comment on the report.
Sources close to the situation told PYMNTS that Polygon is in the early stages of an equity raise targeting $50 million to $100 million, and that the raise will support building the company. Open the money pile A stablecoin payments platform, and the company aims for its infrastructure to complement, not compete with, the stable and programmable payment projects of companies such as tape and MasterCard.
We would love to be yours Favorite source of news.
Please add us to your favorite sources list so our news, statements and interviews appear in your feed. Thanks!
According to the report by The Information, Polygon’s blockchain provides the infrastructure for the prediction market Polymarketwhich now makes up nearly half of Polygon’s trading volume.
Advertisement: Scroll to continue
Polygon said on March 31 mail On X it enabled 178.1 million USD-based stablecoin transactions in March.
“Polygon is where money moves on-chain,” the company said in the post.
When announced on March 26 Blog post Which revolution Having processed more than $1.2 billion in cumulative stablecoin volume on Polygon, Polygon said this volume is “an indication of the direction Polygon is headed.”
“Combining wallets, regulated internal and external methods, cross-chain payment orchestration, and the popular Polygon Chain for settlement, the Open Money Stack is designed specifically for enterprises at Revolut’s scale: global distribution, compliance requirements, and payment flows are too large to run on fragmented infrastructure.”
PYMNTS reported in January that Polygon was acquiring the cryptocurrency exchange Quinme A crypto wallet infrastructure provider sequence With more than $250 million to enhance it Stablecoin payments a job.
“These acquisitions give us curated access to US payment rails, wallet infrastructure, and cross-chain intent capabilities to build an open payments business as well as on-chain settlement,” Polygon Labs CEO Mark Boiron he said at the time in a press release.
