Polygon Labs CEO Marc Boiron announced layoffs on Thursday as the firm moves to complete its acquisition of Coinme, transitioning from a blockchain foundation into a blockchain-enabled payments company. The layoffs are part of finalizing the Coinme acquisition, which will integrate that team into Polygon Labs and position the company for profitability in 2027. Polygon Labs has been refocusing on payments for several months, having spent about $250 million in January to acquire Coinme, a crypto exchange founded in 2014, and Sequence, a wallet infrastructure firm founded in 2017, as core parts of the Polygon Open Money Stack.
Polygon Labs Finalizes $250 Million Coinme Acquisition
Boiron wrote on X that Polygon Labs is in the final stages of completing the Coinme acquisition, which will involve integrating that team into Polygon Labs as part of a broader merger exercise. The acquisition, announced in January, cost about $250 million and included both Coinme and Sequence. These acquisitions were envisioned as core parts of the Polygon Open Money Stack, a vertically integrated infrastructure platform designed to make global, blockchain-based payments as seamless as traditional money transfers, while reducing the need for multiple service providers.
Polygon Labs Implements Multiple Layoff Rounds Since February 2023
The company has announced several waves of reductions. In February 2023, Polygon Labs cut staff by about 20%, impacting about 100 employees. In 2024, the firm implemented a 19% reduction affecting 60 employees. In January this year, another 60 employees were laid off, reportedly tied to the Coinme and Sequence acquisition plans. A Polygon Labs representative declined to share specific figures regarding Thursday's cuts. The firm is offering severance and support, while some employees have been asked to stay on temporarily during a transition period.
Boiron sent an internal message to staff stating that today's changes were not made lightly. He wrote that the company chose to act decisively because building the company the right way in a competitive environment takes time, and that Polygon Labs is in a strong position to build on this momentum for years to come. Boiron added that two rounds of changes in one year is a lot to ask of a team, but he would rather make the right call now than delay it and retain an organization structure that puts the ability to execute well at risk.
Polygon Shifts Strategic Focus to Blockchain-Based Payments
Polygon, an Ethereum scaling solution, has undergone several strategic shifts. In mid-2025, Polygon co-founder Sandeep Nailwal took over as CEO of the Polygon Foundation and announced plans to deprecate the Polygon zkEVM chain, which was built on acquired tech from Hermez Network and Mir Protocol. A Polygon spokesperson noted that Polygon Labs remains legally and structurally distinct from Polygon Foundation, which is focused on stewarding the network, treasury, and ecosystem, and releasing protocol upgrades.
Polygon Stablecoin Supply Reaches $3.37 Billion
According to a Polygon spokesperson, Polygon's stablecoin supply stands at $3.37 billion, making it the eighth-largest stablecoin ecosystem across all blockchains. Volume hit a record $9.12 billion in June.
FAQ
Why did Polygon Labs announce layoffs on Thursday?
Polygon Labs announced layoffs on Thursday as part of finalizing the Coinme acquisition and transitioning from a blockchain foundation into a blockchain-enabled payments company. CEO Marc Boiron stated the move will position Polygon Labs for profitability in 2027.
How much did Polygon Labs spend to acquire Coinme?
Polygon Labs spent about $250 million in January to acquire Coinme, a crypto exchange founded in 2014, and Sequence, a wallet infrastructure firm founded in 2017. These acquisitions are core parts of the Polygon Open Money Stack.
How many layoff rounds has Polygon Labs implemented since February 2023?
Polygon Labs has implemented four layoff rounds since February 2023: a 20% cut impacting about 100 employees in February 2023, a 19% reduction affecting 60 employees in 2024, 60 employees in January this year, and the announcement on Thursday with unspecified figures.
