Sequence

Polygon

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Polygon Labs <a href="https://x.com/0xMarcB/status/2077734931434790989" rel="noopener noreferrer nofollow">announced</a> a fresh round of layoffs on July 16.&nbsp;
This comes as the firm behind the Polygon (POL) blockchain moves to close its acquisition of crypto exchange Coinme and complete its transformation from a "blockchain foundation" into a blockchain-enabled payments company.
CEO Marc Boiron <a href="https://x.com/0xMarcB/status/2077734931434790989" rel="noopener noreferrer nofollow">said on X</a> that integrating the Coinme team is part of a broader merger exercise aimed at making Polygon Labs profitable in 2027, and that the company decided to part with many colleagues as it completes the shift.
<a href="https://www.thestreet.com/crypto/markets/exclusive-polygon-ceo-explains-strategy-behind-its-250m-acquisition" rel="noopener noreferrer nofollow">Related: Polygon CEO explains strategy behind $250M acquisition of Coinme, Sequence</a>
<h2 id="second-round-of-cuts-this-year">Second round of cuts this year</h2>
The firm is offering severance and support, and some affected employees will stay on temporarily during a transition period.
The move marks Polygon Labs' second reduction of 2026 and at least its fourth in as many years. The company cut <a href="https://polygon.technology/blog/consolidating-teams-within-polygon-labs" rel="noopener noreferrer nofollow">roughly 100 employees</a>, about 20% of staff, in February 2023, followed by a 19% reduction affecting <a href="https://www.reuters.com/technology/crypto-firm-polygon-labs-cut-60-jobs-fresh-round-2024-02-01/" rel="noopener noreferrer nofollow">60 people in 2024</a>. Another 60 employees <a href="https://www.coindesk.com/business/2026/01/16/polygon-labs-said-to-have-laid-off-60-staff-following-new-usd250-million-acquisition" rel="noopener noreferrer nofollow">departed in January</a> this year, reportedly tied to the Coinme and Sequence acquisition plans.
"I would rather make the right call now than delay it," Boiron told staff in an internal note, acknowledging that two rounds of changes in one year is difficult for a team but arguing the alternative would put execution at risk.
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<h2 id="a-250-million-bet-on-payments">A $250 million bet on payments</h2>
Polygon, an Ethereum scaling network, has spent months refocusing on payments. In January, Polygon Labs spent about<a href="https://www.thestreet.com/crypto/markets/exclusive-polygon-ceo-explains-strategy-behind-its-250m-acquisition" rel="noopener noreferrer nofollow"> $250 million</a> to acquire Coinme, a crypto exchange founded in 2014, and Sequence, a wallet infrastructure firm founded in 2017.&nbsp;
Both are core pieces of the Polygon Open Money Stack, a vertically integrated platform designed to make blockchain-based payments as seamless as traditional money transfers.
Boiron told staff the market has shifted from building differentiated components to delivering one integrated stack through a single API, a change that requires different talent and organization.
<a href="https://www.thestreet.com/crypto/innovation/polygon-ceo-says-blockchain-will-build-a-trustless-internet" rel="noopener noreferrer nofollow">Related: Polygon CEO says blockchain will build a 'trustless internet' that puts users in control</a>

Polygon cuts jobs for second time this year in a bold pivot

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