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Polygon Labs announces another round of layoffs amid Coinme acquisition
Polygon Labs has announced another round of layoffs as it enters the final stage of acquiring cryptocurrency platform Coinme. The company continues to transform its business by shifting its focus from blockchain infrastructure development to digital asset-based payment solutions.
The announcement was made by Polygon Labs CEO Marc Boiron. According to him, the integration of Coinme's team is part of a broader restructuring effort aimed at making the company profitable by 2027.
"Today we made the difficult but necessary decision to say goodbye to many colleagues as we complete our transformation from a blockchain foundation into a company building blockchain-based payment solutions," Boiron said.
Polygon Labs did not disclose how many employees were affected by the layoffs but stated that impacted workers will receive severance packages and transition support.
Polygon bets on blockchain payments
In recent months, the company has been actively expanding its payments infrastructure business. In January, Polygon spent approximately $250 million to acquire cryptocurrency exchange Coinme and wallet infrastructure developer Sequence.Both companies are expected to become key components of the Open Money Stack platform, which is designed to build a global blockchain payments system comparable in convenience to traditional money transfers.
The initiative aims to integrate multiple financial services into a unified infrastructure, reducing the number of intermediaries involved in cross-border payments.
Company continues large-scale restructuring
Polygon Labs has been undergoing structural changes for several years. In mid-2025, Polygon co-founder Sandeep Nailwal took over the Polygon Foundation and announced the discontinuation of the Polygon zkEVM network.The latest layoffs mark the company's second workforce reduction in the past six months. In January, Polygon Labs laid off around 60 employees, also in connection with the acquisitions of Coinme and Sequence.
Before that, the company reduced its workforce by approximately 100 employees in 2023 and another 60 employees in 2024.
According to Boiron, Polygon chose to restructure now to preserve its financial stability and support the business's long-term growth.
Despite the large-scale reorganization, the Polygon ecosystem continues to expand. Company data shows that the network's stablecoin supply has reached $3.37 billion, making it the eighth-largest blockchain ecosystem by that metric.
Earlier, Polygon introduced a feature for private stablecoin transfers that allows transaction details to remain hidden from public view while maintaining compliance with regulatory requirements.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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