Polygon Labs has undertaken personnel reductions as it intensifies its focus on a payments-first strategy. This strategic shift is centered around stablecoin infrastructure and what the company terms the “Open Money Stack,” a newly developed, vertically integrated suite of services designed for onchain money movement.
These layoffs follow closely on the heels of an announcement detailing a deal valued at up to $250 million to acquire Coinme, a United States-based cryptocurrency ATM and payments firm, along with Sequence, a wallet and developer platform.
While Polygon did not publicly disclose the exact number of positions eliminated, multiple sources on social media platforms, including X, have indicated a potential staff reduction of up to 30% associated with the integration following the acquisitions.
Polygon Labs was contacted for comment but had not responded by the time of this report.
Polygon Attributes Staff Reductions to Payments Focus, Not Performance Issues
Polygon CEO Marc Boiron has characterized the recent acquisitions as integral to a long-standing initiative to refine the company's core mission.
In a statement posted on X, Boiron articulated, "Over the past few months, we’ve sharpened Polygon Labs’ focus around one mission: moving all money onchain."
He further explained that the acquisitions of Coinme and Sequence brought "deep expertise across regulated payments, wallets, and interop."
As these teams are integrated into a unified organization, Boiron stated that Polygon "had to make the difficult decision to consolidate some overlapping roles," with the overarching objective of establishing itself as the premier payments-focused blockchain company.
Boiron emphasized that the overall headcount is expected to remain consistent following these adjustments, describing the transition as being "about structure, not performance."
He acknowledged the departing employees as "exceptional" and affirmed the company's commitment to providing active support throughout their transition, recognizing that "this is one of the hardest parts of building a company and accelerating the growth of a protocol."
Former employees have publicly confirmed their departures, many of whom expressed an optimistic outlook regarding Polygon's future trajectory.
One former employee shared on X, "my time at Polygon came to an end today – hell of a ride," while another stated they were "wildly proud and optimistic about what’s next for Polygon," adding that "there has never been a better time to be a builder."
Polygon's Restructuring Aligns with Broader Industry Trends
These recent staff changes are part of a series of restructurings undertaken by Polygon over the past two years. This includes an approximately 19% workforce reduction and the spin-offs of its Polygon Ventures and Polygon ID units in early 2024, actions that executives indicated were aimed at streamlining operations and sharpening strategic focus.
Numerous other major cryptocurrency firms have implemented similar measures. Coinbase has conducted multiple rounds of layoffs, including an 18% staff reduction in 2022 during a market downturn. Binance, in 2023, reduced its headcount by 1,000 employees to "remain nimble and dynamic."
This week, Mantra, a protocol focused on real-world assets, also announced layoffs tied to a restructuring initiative. This underscores the ongoing emphasis on cost discipline and consolidation within the sector, even as onchain activity shows signs of recovery.