๐ Polygon ( $POL ): Hunting Bitcoin ATMs for $100M
Market capitalization: $3.1 billion.
Polygon๏ปฟ is not just a scaling solution for Ethereum, but an entire multichain ecosystem of the future! While Ethereum struggles with high fees, POL offers speed, accessibility, and wide corporate adoption.
๐ก But here's the main intrigue: According to media reports, Polygon is considering acquiring American bitcoin ATM provider Coinme for $100 to $125 million! Sources familiar with the situation told CoinDesk that the deal is "close" to completion.
What does this meanโ
๐ฃStrategic expansion: Coinme is one of the first players in the US bitcoin ATM market since 2014, with over 50,000 bitcoin ATMs in 49 states! This is instant access for Polygon to a mass audience.
๐ฃThe acquisition of Coinme is seen as an important step for both companies โ Polygon completed a $450 million funding round in 2023 led by Sequoia Capital India, so the money is there!
๐ฃBut there's a catch: In December, Washington State's Department of Financial Institutions (DFI) ordered Coinme to cease all money transmission services. The regulator claims the company illegally converted unused customer funds into corporate profit.
๐ฃCoinme now faces potential license revocation, a $300,000 fine, and a likely 10-year ban on operations for the company and its CEO Neil Bergquist.
๐ฃPolygon may view this as an opportunity to buy an asset at a reduced price and resolve regulatory issues thanks to its reputation and resources.
Trading Guidelines:๐๐
๐ Consolidation above $0.15 โ could open the path to $0.17.
๐ Breakdown below $0.124 โ risk of decline to $0.112.
Conclusion:
Polygon isn't stopping its ambitions! Acquiring a bitcoin ATM network could become a powerful channel for mass cryptocurrency adoption. Yes, there are regulatory risks, but Polygon has experience working with corporations and regulators โ this could be a genius move!
๐ Open trade with $POL
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