Polygon Lays Off 30% Of Its Workforce To Refocus Its Crypto Strategy

Polygon has surprised the crypto market with a radical decision, aiming to redirect the company towards a new strategy focused on onchain payments via stablecoins. This strategic pivot raises as many questions as it intrigues.

Polygon Embarks on a Major Course Change in its Crypto Strategy

Recently, Polygon invested 250 million dollars in acquiring Coinme and Sequence. Coinme is an American company specializing in crypto ATMs, and Sequence is a platform focused on wallets and interoperability.

On the other hand, the company announces a significant workforce reduction. Nearly 30% of employees have departed Polygon. These departures mainly concern duplicate positions from recently acquired companies.

To justify its approach, Polygon CEO Marc Boiron stated that the company now wishes to refine its mission around a single goal: moving all money to the blockchain. According to him, this is not a performance issue but a structural one.

A Sector Trend Beyond Polygon: Chain Restructurings in Crypto

Polygon is not alone in this movement. Since 2022, several major players in the crypto market have opted for restructurings. Notably, Coinbase reduced its teams by 18%. Binance also cut a thousand positions to remain agile.

In the case of Polygon, this is not the first restructuring. At the start of 2024, the firm had already divested Polygon Ventures and Polygon ID to refocus its activities. Today, it accelerates this pivot with enhanced resources and a clear ambition: to become the reference blockchain for onchain payments via stablecoins.

For crypto analysts, this dynamic reflects a paradigm shift: the crypto strategy is moving towards more concrete uses, such as instant value transfers.

In any case, Polygon is making a risky but consistent bet. It remains to be seen if this strategic choice will bear fruit against increasingly sharp competition in the crypto market.