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Polygon cuts jobs in pivot
Polygon Labs CEO Marc Boiron announced additional layoffs as the company moves through the final stages of absorbing cryptocurrency exchange Coinme, describing the cuts as part of a transformation rather than performance-related cost cutting.
“On Thursday, July 16, Polygon Labs [POL] CEO Marc Boiron announced the second round of layoffs for 2026”
In a Thursday X post, Boiron said Polygon would say “goodbye to many of [its] colleagues” as it began the “transformation from operating as a blockchain foundation into operating as a blockchain-enabled payments company.”
The layoffs are tied to Polygon’s $250 million acquisition of Coinme and wallet infrastructure platform Sequence, a deal announced in January and described as a push into regulated stablecoin payments.
Polygon’s restructuring is framed as changing the company’s organization and talent needs, with Boiron emphasizing that “These changes are about the company we’re building, not the quality of the people leaving.”
Across multiple rounds over the last three years, Polygon has laid off more than 200 people, and Cointelegraph said it reached out to Polygon for specifics on the latest layoffs but did not receive an immediate response.
Why Boiron says it’s different
Boiron’s explanation links the job cuts to a structural shift in what Polygon does, saying “A blockchain foundation and a blockchain-enabled payments company do not operate the same way.”
He added that the transition “means changing how we’re organized and the talent we need, not just what we build,” positioning the layoffs as workforce restructuring tied to the payments pivot.
The Coinme acquisition is described as nearing close while Polygon integrates Coinme’s team into Polygon as part of an organizational overhaul intended to make the business profitable by 2027.
Polygon’s stated business momentum in the transition includes record stablecoin activity and a growing customer pipeline, alongside the rapid deployment of its onchain payments product.
Cointelegraph reported that the employee cuts followed rounds of layoffs announced by Boiron in the last three years, affecting more than 200 people, while Polygon did not provide immediate specifics for the latest round.
Deal, integration, and what’s next
Polygon’s January deal to acquire Coinme and Sequence for $250 million is presented as the operational foundation for its payments push, with the two companies integrated into Polygon’s “Open Money Stack,” a payments framework designed to make stablecoins function as scalable, real-world payment instruments.
“Polygon Labs cuts staff as Coinme deal nears close The restructuring comes as Polygon Labs experiences strong business momentum, pointing to healthy revenue, record stablecoin volumes, a robust customer pipeline and the successful rollout of its onchain payments solution”
Crypto Briefing said Polygon “said the acquisitions could unlock more than $100 million in annual revenue,” tying the integration to a profitability goal by 2027.
AMBCrypto reported that the layoffs announced for 2026 were the company’s fourth wave of reductions dating back to February 2023, and it said earlier layoffs of 60 staff members were linked to pivoting to a payment focused blockchain.
AMBCrypto also noted that specific figures were not shared for Thursday’s layoffs, while it described Polygon representatives as saying Polygon Labs and Polygon Foundation were legally and structurally distinct entities.
In parallel, KuCoin reported that 1inch co-founder Anton Bukov revealed he was fired in November and that Polygon’s restructuring is framed by Boiron as strategy rather than performance, even as the broader industry shakeups continue.
