Polygon Announces Fresh Job Cuts As Coinme Acquisition Drives Shift To Payments Business

Polygon Labs has announced more job cuts as it restructures after buying the cryptocurrency exchange Coinme. CEO Marc Boiron said the layoffs are part of Polygon’s shift from being mainly a blockchain foundation to becoming a payments company that uses blockchain.

The restructuring comes after Polygon’s $250 million purchase of Coinme and wallet platform Sequence, a deal announced earlier this year that is changing the company’s long-term plans.

We are in the final stages of completing the Coinme acquisition, which will involve integrating that team into Polygon Labs, a move that will grow our organization as part of a broader merger exercise to position Polygon Labs to be profitable in 2027. As part of that process,…

— Marc | Polygon Labs (💜,⚔️, ※) (@0xMarcB) July 16, 2026

In a post on X, Boiron said many employees would be leaving, but he emphasized that the decision is due to changing business needs, not employee performance.

He explained that the company’s new direction needs a different structure and skill set. Boiron said running a blockchain foundation is very different from running a payments-focused tech company, so workforce changes are needed as Polygon moves toward payment services.

“These changes are about the company we’re building, not the quality of the people leaving,” Boiron said, emphasising that the restructuring is intended to support Polygon’s next phase of growth.

The transition follows Polygon’s $250 million acquisition of Coinme, a cryptocurrency exchange, and wallet infrastructure provider Sequence. The deal is designed to strengthen Polygon’s presence in blockchain-based payments by combining its network infrastructure with consumer-facing payment and wallet services.

These new layoffs follow several rounds of job cuts over the past three years. Earlier restructuring affected more than 200 employees as Polygon kept adjusting to changing market conditions and business needs.

Polygon has not said how many employees are affected in this round, but the announcement shows the transformation is ongoing. The company did not give more details about the size of the job cuts.

Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV

You need to login in order to Like