Coinme, a Seattle-based cryptocurrency startup that got its start more than a decade ago with a network of bitcoin ATMs, has agreed to be acquired by blockchain payments company Polygon Labs.

Polygon said it also plans to acquire wallet provider Sequence as part of a combined acquisition valued at more than $250 million.

Coinme CEO and co-founder Neil Bergquist told GeekWire that Coinme’s portion of the deal was in the nine-figure range.

Founded in 2014, Coinme lets people buy crypto with cash at kiosks and says it runs the largest crypto cash network in the U.S. through partnerships with MoneyGram and Coinstar. The company holds money‑transmitter licenses and compliance infrastructure that allow it to operate in 48 U.S. states. Last year, the company surpassed $1 billion in transaction volume and became profitable for the first time.

The acquisition effectively plugs Coinme’s U.S. licenses, compliance stack, and cash‑to‑crypto distribution network into Polygon’s global blockchain payments rails. It gives the Seattle startup a new home inside a larger push to make stablecoin payments a standard part of the broader financial system.

The acquisition comes less than a month after Coinme was hit with a cease-and-desist order from Washington state regulators. The Washington state Department of Financial Institutions had ordered Coinme to stop transmitting money for customers, alleging the startup improperly claimed more than $8 million in customer funds as its own income.

On Dec. 30, Coinme said it reached an agreement with regulators to pause the temporary cease-and-desist order, clearing the way for the company to resume operations in the state. The company had called the original charges an accounting dispute over a discontinued voucher product.

Bergquist said the acquisition deal with Polygon was brokered before the cease-and-desist order.

The acquisition is expected to close in the second quarter of 2026. Coinme will continue operating its regulated exchange, wallet, and crypto-as-a-service platform while contributing its licensing, compliance and payments infrastructure to Polygon Labs’ Open Money Stack.

“As a wholly owned subsidiary of Polygon, Coinme will remain true to who we are, with the same team and mission, now with the resources and reach to take it even further,” Bergquist said in a statement to GeekWire. “We’ll keep doing what we do best: making digital assets accessible to everyone, now at an even greater scale.”

Polygon, which raised a $450 million round in 2022 from investors including Sequoia Capital and SoftBank, said it supports millions of transactions daily for large banks, enterprises, and consumer apps.

In a LinkedIn post, Bergquist said a “shared vision and the need to build faster” led to the deal with Polygon.

“Coinme has tackled the regulatory requirements and crypto infrastructure, but the customer application layer must catch up,” he wrote. “Combined with clear federal regulatory support for stablecoins, including the GENIUS Act, consumers want an alternative to dollars trapped in bank accounts, and they want it now.”

Coinme raised more than $40 million, including a $10 million round in 2021. Investors include Pantera Capital; Digital Currency Group; Coinstar; Circle; and MoneyGram. The company has 53 employees.

“A big THANK YOU to Seattle-area Angels,” Bergquist wrote in his post. “You’re the reason we have a vibrant startup ecosystem (and the reason Coinme exists).”

— Amazon’s Uwem Ukpong has a new title, moving from vice president of Global Services to VP of AWS Industries.

Ukpong has been with the tech giant for more than four years, joining from energy technology company Baker Hughes.

Ukpong’s resume is dominated by a 22-year stretch at Schlumberger, a Houston-based software and internet company that has offices internationally.

— Alicia Teel is now acting director of the City of Seattle’s Office of Economic Development. She was previously deputy director of the department, which supports small businesses and economic growth.

Teel began her career at the Seattle Metropolitan Chamber of Commerce where she worked for more than 15 years.

At the Office of Economic Development, “[o]ur talented team is dedicated to leading projects and making investments that open up access to economic opportunities across our city, reduce the racial wealth gap, and encourage innovation and growth,” Teel said in a statement.

In announcing the appointment, Seattle Mayor Katie Wilson thanked former director Markham McIntyre “for his leadership supporting small business recovery after the pandemic.”

McIntyre was in the role for four years. He also previously held leadership positions with the Chamber of Commerce, leaving the title of executive VP.

— Manik Gupta is leaving his role as corporate VP of Microsoft Teams.

“With Teams, I had the opportunity to combine my consumer DNA with learning the scale and complexity of the enterprise. The lessons, playbooks, and friendships I’ve gained will stay with me always,” Gupta said on LinkedIn.

Gupta, who is based in California, joined Microsoft in 2021. He said he’s exploring career options in AI, adding that “I’m convinced that the hardest and most interesting work in AI now lies in turning powerful models into products people can rely on every day.”

— ESS appointed Drew Buckley as CEO of the Oregon-based, long-duration energy storage company. Buckley joined the battery company in August as leader of its investor relations and capital market strategy. He previously spent 17 years as a technology-focused partner at the financial services firm William Blair.

“Drew brings an incredible track record of success, with the experience and industry relationships necessary to lead ESS to its next stage, manufacturing and delivery of our first Energy Base projects, and broader commercialization expected to commence this year,” said Harry Quarls, ESS board chairman.

ESS also named Kate Suhadolnik as chief financial officer from her current role as interim CFO. Suhadolnik has been with the publicly-traded company for more than four years.

Eric Dresselhuys resigned as ESS CEO in February and Kelly Goodman, who had been vice president of legal, became the interim chief executive. Goodman is now chief strategy officer and general counsel.

— Savanna Thompson is chief business operations officer role at fusion company Helion Energy after serving as VP of people & workplace Operations. She has been with the Everett, Wash., business for more than three years.

“As we move from building fusion machines to deploying fusion power plants, this role reflects the importance of scaling our teams, systems, and infrastructure that support our ambitious goals,” said Helion CEO David Kirtley in announcing the promotion.

Thompson joined Helion from 98point6, a Seattle telehealth company.

— Jackie Ostlie has returned to Microsoft, taking the role of director of AI initiatives in Microsoft Learning.

“I am incredibly grateful to Rachel Richardson for the opportunity and am excited to be back with some of the world’s smartest, kindest, most supportive humans in tech,” Ostlie said on LinkedIn.

Ostlie rejoins the company after a leadership role at Google Cloud Learning. Her career has included positions with multiple Seattle-area organizations including Veeam Software, Expedia and the nonprofit World Vision.

— After recently landing a $40 million investment, Seattle AI roleplay startup Yoodli appointed two new leaders.

• Emma Day is principal recruiter at Yoodli, leaving a comparable role at Seattle-based tech hiring platform Karat. “Yoodli has the rare and beautiful combination of an incredible mission — to help people communicate with confidence, a world-class team and a TON of growth ahead,” Day said on LinkedIn.
• Grayson Hay is principal software engineer, building on similar past roles at CodeSee, Tableau Software and Microsoft. Hay’s varied career also includes cinematography and bungee fitness instructor.

— Seattle cryptocurrency company Coinme named Hazen Baron as its general counsel. Baron is based in Arkansas and past employers include Walmart, fintech company Stronghold, and others.

Late last month Coinme announced an agreement with Washington state regulators to pause a temporary cease-and-desist order, clearing the way for the company to resume operations in the state.

— Jason Cavness, a Seattle-based U.S. market development partner for TechBank, is now a fellow with Earth Venture Capital, a Vietnam-based firm investing in climate tech internationally.

— The Microsoft Alumni Network, which represents more than 290,000 former Microsoft employees, has expanded its board of trustees, appointing eight new members:

• Declan Bradshaw, a 22-year employee based in Dublin and Redmond, Wash., who led Xbox’s European launch.
• George Durham, a leader of community engagement, global Technology for Good programs, and other roles after joining in 2004.
• Erendira Gonzalez, who over three decades led multicultural teams and launched the first Microsoft Technology Center in Latin America.
• Bill Kirst, who served as the director of change for Commercial Systems & Business Intelligence.
• Laura Luethe, who leads strategic content and communications as Microsoft HR’s director of communications.
• Somanna Palacanda, a 23-year employee who leads International Social Impact for Microsoft Elevate.
• Michelle September, who spent nearly 20 years at Microsoft and worked in account management, industry leadership, among other roles.
• Andrew Winnemore, VP of Microsoft for HR People Operations.

In addition, Larry Hryb, a longtime Xbox leader, was named vice chair of the Microsoft Alumni Network board.

Seattle cryptocurrency company Coinme said it reached an agreement with Washington state regulators to pause the temporary cease-and-desist order issued against it last month, clearing the way for the company to resume operations in the state.

The Washington State Department of Financial Institutions had ordered Coinme to stop transmitting money for customers, alleging the startup improperly claimed as its own income more than $8 million owed to consumers from unredeemed crypto vouchers.

Coinme said the order was stayed after it provided detailed financial records and operational information to regulators that clarified key details about its business practices. As a result, the company said, it will be able to “continue serving customers in Washington State while addressing any remaining concerns.” 

The state agency had been seeking to revoke Coinme’s money transmitter license, impose a $300,000 fine, and ban CEO Neil Bergquist from the industry for 10 years. 

The agreement, laid out in a Dec. 23 consent order, requires Coinme to segregate Washington customer assets into dedicated accounts within 14 days, and move cash or cash equivalents tied to outstanding Washington kiosk transactions into a segregated account within 30 days. 

The order also requires the company to provide monthly compliance updates to regulators. The underlying charges remain unresolved and could still be litigated, according to the order.

“Our commitment to customer protection and regulatory compliance remains our top priority,” Bergquist said in a statement, noting that Coinme has had a collaborative relationship with the agency dating back to the company’s founding in 2014.

Coinme operates what it calls the nation’s largest cash-to-crypto network through partnerships with MoneyGram and Coinstar. The company had called the original charges an accounting dispute over a discontinued voucher product.