What to know:
- Polygon Labs cuts jobs as Coinme integration advances under its 2027 profit target.
- Coinme and Sequence acquisitions support Polygon Labs’ shift into payment services.
- Polygon reports $3.37B stablecoin supply and $9.12B in June on-chain payment volume.
Polygon Labs has cut another round of jobs during restructuring as it completes the integration of crypto exchange Coinme. The restructuring supports its target of profitability by 2027. It also marks a shift from blockchain infrastructure toward blockchain-enabled payment services.
Chief Executive Marc Boiron said the reductions came during the final stages of the Coinme acquisition. The company plans to merge Coinme into its operations. He said the process would expand the organization while changing its business focus.
Also Read: ONDO Partners SBI Group to Tokenize Japanese Assets Onchain
How Polygon Labs Plans to Simplify Blockchain Payments
Boiron called the layoffs challenging but necessary for the transition. He claimed that Coinme employees will increase headcount at the time of the merger. Nevertheless, Polygon Labs has reduced some positions due to restructuring and merging the two companies.
The plan started this year with two key acquisitions. In January, the firm has spent about $250 million on buying Coinme and wallet provider Sequence. According to its representatives, both companies are core components of the Polygon Open Money Stack.
The platform is designed as a vertically integrated payment infrastructure. The idea of the company is to decrease intermediaries in the transaction processes based on blockchain. Moreover, Polygon Labs tries to create as easy a transfer process as possible, as in traditional financial systems.
The priorities of Polygon Labs have changed within the year. In mid-2025, co-founder Sandeep Nailwal was appointed CEO of the Polygon Foundation. After that, he announced his intentions to retire Polygon zkEVM because of its dependence on technologies acquired before.
Why Polygon Labs Continues Cutting Jobs
These technologies include Hermez Network and Mir Protocol, which helped to develop Polygon zkEVM. The retirement of zkEVM is the sign of change in strategy. Now Polygon Labs pays more attention to the payment process and other blockchain services.
This comes after other rounds of staff cuts. Polygon cut around 100 jobs, accounting for almost 20% of the workforce, in February 2023. The company also made cuts to 60 roles in another 19% reduction that occurred in 2024.
Earlier this year, Polygon Labs terminated another 60 employees. This round of firing was associated with preparations for integration of Coinme and Sequence.
The company did not reveal the number of people fired in the most recent round of layoffs and which departments were affected.
What Polygon Said About the Restructuring
A spokesperson said that severance packages will be offered to all laid off employees. Some of the staff were requested to stay for some time to ensure smooth completion of the reorganization process. Polygon Labs provided no timetable for full completion of the integration process.
The company stated that the restructuring process is independent of Polygon Foundation. The foundation still manages the network, treasury, ecosystem development, and protocol upgrades.
According to Polygon Labs, such separation keeps any operational changes independent of the network duties of the foundation.
Polygon reported $3.37 billion of stablecoin supply, ranking the network as the eighth most extensive ecosystem. Also, the company had $9.12 billion worth of on-chain payments in June. These layoffs come after Robinhood’s plans to lay off 290 people while simplifying their operations.
Also Read: Japan Tightens Crypto Regulation While Paving Way for Lower Crypto Taxes
Be the first to comment