Polygon Labs Announces New Layoffs as Coinme Acquisition Moves Forward

Polygon Labs CEO Marc Boiron announced another round of layoffs as the company works to complete its acquisition of cryptocurrency exchange Coinme. In a post on X, Boiron said the company would be parting ways with several employees as part of its shift from operating as a blockchain foundation to becoming a blockchain-enabled payments company.

$250 Million Deal Drives Organizational Changes

The layoffs stem from a $250 million acquisition deal announced in January, through which Polygon is acquiring Coinme along with wallet infrastructure platform Sequence. Boiron explained that the restructuring reflects the company’s new direction rather than any issue with the employees affected. He said building a payments-focused company requires a different organizational structure and different talent than running a blockchain foundation.

Part of a Broader Pattern of Cuts

This is not the first round of layoffs under Boiron’s leadership. Over the past three years, Polygon Labs has cut more than 200 jobs across multiple rounds as the company has adjusted its business strategy and structure.