Polygon Labs announced a fresh round of layoffs on July 16. This comes as the firm behind the Polygon (POL) blockchain moves to close its acquisition of crypto exchange Coinme and complete it
Polygon Labs announced a fresh round of layoffs on July 16.
This comes as the firm behind the Polygon (POL) blockchain moves to close its acquisition of crypto exchange Coinme and complete its transformation from a "blockchain foundation" into a blockchain-enabled payments company.
CEO Marc Boiron said on X that integrating the Coinme team is part of a broader merger exercise aimed at making Polygon Labs profitable in 2027, and that the company decided to part with many colleagues as it completes the shift.
Related: Polygon CEO explains strategy behind $250M acquisition of Coinme, Sequence
The firm is offering severance and support, and some affected employees will stay on temporarily during a transition period.
The move marks Polygon Labs' second reduction of 2026 and at least its fourth in as many years. The company cut roughly 100 employees, about 20% of staff, in February 2023, followed by a 19% reduction affecting 60 people in 2024. Another 60 employees departed in January this year, reportedly tied to the Coinme and Sequence acquisition plans.
"I would rather make the right call now than delay it," Boiron told staff in an internal note, acknowledging that two rounds of changes in one year is difficult for a team but arguing the alternative would put execution at risk.
Polygon, an Ethereum scaling network, has spent months refocusing on payments. In January, Polygon Labs spent about $250 million to acquire Coinme, a crypto exchange founded in 2014, and Sequence, a wallet infrastructure firm founded in 2017.
Both are core pieces of the Polygon Open Money Stack, a vertically integrated platform designed to make blockchain-based payments as seamless as traditional money transfers.
Boiron told staff the market has shifted from building differentiated components to delivering one integrated stack through a single API, a change that requires different talent and organization.
Related: Polygon CEO says blockchain will build a 'trustless internet' that puts users in control
