Polygon Labs has conducted another round of workforce reductions as it finalizes the acquisition of crypto exchange Coinme, marking a significant step in the company's transformation from a blockchain infrastructure provider to a blockchain-enabled payments company. CEO Marc Boiron announced the layoffs on July 16, 2026, describing them as a difficult but necessary move to position the firm for profitability by 2027.
This latest restructuring extends a multi-year strategy at Polygon Labs. In January 2026, the company spent approximately $250 million to acquire Coinme and wallet infrastructure firm Sequence, both envisioned as core components of the Polygon Open Money Stack. That platform aims to streamline blockchain-based payments by reducing intermediaries and making transfers as seamless as traditional systems. Boiron emphasized that integrating the Coinme team would ultimately grow the organization’s overall headcount, even as some roles were eliminated during the transition.
Polygon Labs has undergone several rounds of job cuts in recent years: about 100 roles (20% of staff) in February 2023, 60 positions (19%) in 2024, and another 60 employees earlier in 2026. The company declined to disclose the number affected in the current round but stated that affected workers would receive severance packages and transition support, with some asked to stay temporarily to help complete organizational changes. In an internal message, Boiron acknowledged that two rounds of changes in a single year were tough on the team but argued that acting decisively now would prevent future execution risks and provide a stronger financial foundation.
The shift toward payments comes alongside a broader strategic overhaul. In mid-2025, Polygon co-founder Sandeep Nailwal became CEO of the Polygon Foundation and announced plans to deprecate the Polygon zkEVM chain. A Polygon Labs spokesperson clarified that the company is legally distinct from the Polygon Foundation, which continues to oversee the network, treasury, and protocol upgrades. As of the announcement, Polygon’s stablecoin supply reached $3.37 billion (eighth-largest among blockchains), and on-chain payment volume hit a record $9.12 billion in June.
These developments occur amid wider industry layoffs: Robinhood recently cut around 290 jobs (10% of its workforce), and a Plexus State of Crypto Hiring report noted that non-technical roles remain particularly vulnerable to reductions as firms restructure around new priorities.
