【No more making money from on-chain transfers—now it’s coming for a slice of the payments pie 🔥💳】
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News at 22:00 today: Polygon has tucked Coinme into its pocket. The deal was announced at the start of the year and has now officially closed. A company that built a public blockchain is openly saying it no longer wants to compete on blockchains. CEO Marc Boiron put it plainly: they just want to be a payments company. $POL —the old chain—is stepping into the game to collect payments. 💳
The price was set at the start of the year: $250 million. The deal also included the acquisition of another infrastructure company. Coinme is a licensed crypto payments provider in the US. It holds the licenses needed to handle customers’ money for real. 🧾
The gap is pretty stark, so let me lay out the numbers. Visa processed $12.3 trillion in the last fiscal year. Stripe reached $1.9 trillion. Polygon’s payments business is just getting started, with only four early users. My personal take: this isn’t bravado—they’ve caught the scent of money. 🍖
Until now, it only made money from on-chain miner fees. A few cents per transaction, which also had to be shared with validators. Now it’s switching to taking a cut based on transfer amounts—a completely different model. On-chain fees can already cover token issuance. Put simply, if someone else controls the pipes, the money won’t end up in your pocket. 💰
There’s pressure coming from the other direction too: traditional giants are moving on-chain. Stripe is rolling out stablecoin cards, and Visa is already settling transactions on Polygon. The unified platform is still in technical preview and hasn’t officially launched. Whether this $POL story can become reality will depend on the next six months. 📉
My personal view: the money wasn’t wasted. This isn’t about competing on technology—it’s about customer relationships. Whoever controls the accounts gets to collect the money. Management’s target is to turn profitable by 2027, leaving less than two years. It’s an ambitious goal, but the direction is more substantial than empty slogans. 🎯
📌 In a nutshell: Public blockchains are no longer just selling access—they’re getting into the game and charging tolls themselves.
Do you think on-chain companies can really take a bite out of the payments giants’ business?
Join Mr. X’s fan chat from the homepage 🔥
News at 22:00 today: Polygon has tucked Coinme into its pocket. The deal was announced at the start of the year and has now officially closed. A company that built a public blockchain is openly saying it no longer wants to compete on blockchains. CEO Marc Boiron put it plainly: they just want to be a payments company. $POL —the old chain—is stepping into the game to collect payments. 💳
The price was set at the start of the year: $250 million. The deal also included the acquisition of another infrastructure company. Coinme is a licensed crypto payments provider in the US. It holds the licenses needed to handle customers’ money for real. 🧾
The gap is pretty stark, so let me lay out the numbers. Visa processed $12.3 trillion in the last fiscal year. Stripe reached $1.9 trillion. Polygon’s payments business is just getting started, with only four early users. My personal take: this isn’t bravado—they’ve caught the scent of money. 🍖
Until now, it only made money from on-chain miner fees. A few cents per transaction, which also had to be shared with validators. Now it’s switching to taking a cut based on transfer amounts—a completely different model. On-chain fees can already cover token issuance. Put simply, if someone else controls the pipes, the money won’t end up in your pocket. 💰
There’s pressure coming from the other direction too: traditional giants are moving on-chain. Stripe is rolling out stablecoin cards, and Visa is already settling transactions on Polygon. The unified platform is still in technical preview and hasn’t officially launched. Whether this $POL story can become reality will depend on the next six months. 📉
My personal view: the money wasn’t wasted. This isn’t about competing on technology—it’s about customer relationships. Whoever controls the accounts gets to collect the money. Management’s target is to turn profitable by 2027, leaving less than two years. It’s an ambitious goal, but the direction is more substantial than empty slogans. 🎯
📌 In a nutshell: Public blockchains are no longer just selling access—they’re getting into the game and charging tolls themselves.
Do you think on-chain companies can really take a bite out of the payments giants’ business?