Polygon Labs has announced a major organizational shift as it realigns its operations around a payments-first mission built on stablecoin rails and its new “Open Money Stack.”
The layoffs were announced only days after Polygon confirmed it will acquire the US crypto payments company Coinme and the wallet and developer platform Sequence in a combined deal worth over $250 million.
However, Polygon did not provide an official count of the roles that will be impacted by the layoff although reports on X, show the layoff could cut up to 30% of the total workforce.
According to those reports, the cuts are related to integration activities following the Coinme and Sequence deals.
Polygon Labs sharpens its mission
Polygon Labs CEO Marc Boiron explained that the shift as part of a renewed mission. He states that the company sharpens its focus around moving all money on-chain.
The CEO described the updated mandate as a deliberate narrowing of scope. He says the new direction aims to strengthen Polygon’s position in the global payments ecosystem.
Boiron emphasized that the experience around the Coinme and Sequence acquisitions. According to him, the new teams offer controlled payments knowledge, wallet infrastructure expertise, and interoperability technology.
He indicated that Polygon must integrate such capabilities efficiently. He asserts that the process should integrate overlapping roles.
Boiron put emphasis on the structural nature of the reshuffle. He confirms that overall headcount is the same following the alterations.
Boiron termed the process as challenging yet strategic. He positions the changes as key to the development of Polygon into a payments-centered blockchain company.
Marc publicly acknowledged the efforts of employees who depart from the organization. He says they are extraordinary, and Polygon will help them through the transition.
Polygon extends its restructuring efforts
Marc notes that team changes mark one of the hardest parts of scaling a protocol. Former employees confirm their departures on X. They maintain a positive tone about their time at the company.
They further state confidence in the long-term roadmap of Polygon. They put the transition in the context of larger trends involving on-chain payments.
Polygon continues to streamline its structure after multiple organizational adjustments over the past two years. The company previously executed a 19% workforce reduction and spun off Polygon Ventures and Polygon ID in early 2024.
Leadership characterizes these moves as a strategy to enhance operational focus and internal streamlining.
Other big crypto firms follow the same restructuring cycles, with Coinbase carrying several job cuts of late, including an 18% downsizing in 2022.
In mid-2023, Binance also executed major layoffs of over 1,000 employees to maintain operational flexibility. Mantra has also confirmed layoffs this week as it continues its restructuring drive.
These trends represent additional cost discipline within the sector, although activity on the chain is gaining momentum.