Polygon Labs cuts staff again as Coinme deal nears close

Polygon Labs announced a second round of layoffs on Thursday as it nears the closing of its acquisition of Coinme. The company said the cuts are part of a planned shift from operating as a blockchain foundation to operating as a blockchain-enabled payments company and to position itself to reach profitability by 2027. The Coinme team will be integrated into Polygon Labs as the deal closes.

Marc Boiron wrote on X that the company is “in the final stages of completing the Coinme acquisition,” and that integrating Coinme's staff will grow the organization. He wrote that the firm made “the difficult, but necessary, decision to say goodbye to many of our colleagues” during the transition and that the restructuring provides “the financial foundation to grow on our own terms.”

The layoffs took place Thursday. Polygon offered severance and transition support to affected employees and asked some staff to remain on temporarily to assist with integration. A company representative declined to disclose the number of employees affected in this round.

In January, Polygon paid about $250 million to acquire Coinme and Sequence, a wallet infrastructure firm. The company has described those acquisitions as core parts of the Polygon Open Money Stack, a vertically integrated platform designed to make blockchain-based payments operate more like traditional money transfers and to reduce reliance on multiple service providers.

Polygon has reduced staff several times in recent years. In February 2023 the company cut roughly 20% of its workforce, affecting about 100 employees. In 2024 it reduced staff by about 19%, impacting roughly 60 employees. Another round affecting about 60 workers occurred in January 2026, reportedly tied to integration planning for Coinme and Sequence. Polygon did not provide figures for the latest reduction.

In an internal message, Boiron acknowledged the strain of multiple reorganizations, writing, “Two rounds of changes in one year is a lot to ask of a team, and I understand it is hard to manage. But I would rather make the right call now than delay it and retain an organization structure that puts our ability to execute well at risk.”

A company spokesperson said Polygon Labs remains legally and structurally distinct from the Polygon Foundation. The foundation focuses on stewarding the network, managing the treasury and ecosystem, and releasing protocol upgrades. The company noted its stablecoin supply stood at $3.37 billion and that stablecoin volume reached a record $9.12 billion in June.

In mid-2025 Sandeep Nailwal became CEO of the Polygon Foundation and announced plans to deprecate the Polygon zkEVM chain, which was built on acquired technology. Management described the personnel changes as aligned with the firm's refocus on payments and its goal of reaching profitability by 2027.