Polygon Labs has cut staff for the second time this year as the company enters the final stage of its Coinme acquisition and reorganizes around blockchain-based payments. CEO Marc Boiron tied
Polygon Labs has cut staff for the second time this year as the company enters the final stage of its Coinme acquisition and reorganizes around blockchain-based payments.
CEO Marc Boiron tied the layoffs to the integration of Coinme into Polygon Labs, which will expand the combined organization while changing the roles and operating structure required across the business. Polygon did not disclose how many employees were affected.
“We made the difficult, but necessary, decision to say goodbye to many of our colleagues,” Boiron wrote Thursday. Affected employees will receive severance and career support, while some have been asked to remain temporarily during the transition.
Boiron said the cuts were driven by the company’s new structure rather than employee performance. Polygon Labs is moving from an organization centered on blockchain development and ecosystem support toward a commercial payments company targeting profitability in 2027.
The layoffs follow an earlier restructuring that eliminated about 60 positions in January. That round, estimated at roughly 30% of Polygon Labs’ workforce, also addressed overlapping roles created by the Coinme and Sequence acquisitions.
Polygon Labs signed agreements in January to acquire Coinme and wallet infrastructure provider Sequence for more than $250 million combined.
Coinme brings licensed fiat on- and off-ramps, custody infrastructure, enterprise APIs and a retail network spanning more than 50,000 U.S. locations. Its regulatory footprint covers operations in 48 states and more than one million users. Sequence adds embedded wallets and technology that handles bridging, swaps and gas across multiple blockchains.
The companies form the core of Polygon’s Open Money Stack, a single integration covering wallets, regulated fiat access, cross-chain execution and stablecoin settlement. Polygon projected that the combined businesses could generate more than $100 million in annual revenue.
Coinme will become a wholly owned Polygon Labs subsidiary once regulatory approvals and remaining closing conditions are completed.
The restructuring extends the strategy behind Polygon’s earlier 30% workforce reduction, when the company began consolidating teams around payment infrastructure and stablecoin activity.
Polygon has since expanded its position in institutional settlement. Visa added Polygon to its stablecoin settlement network, allowing participating issuers to settle eligible card obligations onchain during weekends and outside conventional banking hours.
Boiron said the latest organizational changes were made while revenue remained healthy, stablecoin volumes reached record levels and the customer pipeline continued to grow. Polygon Labs remains legally and structurally separate from Polygon Foundation, which oversees the network, treasury and ecosystem development.
The post Polygon Labs Cuts Staff Again as Coinme Deal Nears Completion appeared first on Crypto Adventure.
