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What’s behind the latest lay-off spree?
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Summarize with AI
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Polygon Labs has carried out another round of layoffs. The company has reportedly cut around 30% of its workforce as it restructures and pivots toward stablecoin-based payments, according to multiple posts and disclosures from affected employees on the social media platform X.
While Polygon Labs has not publicly disclosed the exact number of roles eliminated, its CEO, Marc Boiron, later confirmed the workforce reduction in a public statement.
Brutal 30% Cuts
The latest job cuts appear to be part of an organizational reset as Polygon moves away from a primarily infrastructure-focused strategy toward building what it describes as a payments-first blockchain platform.
Back in 2024, Polygon reduced its headcount by 19%, after eliminating almost 60 roles in what it described at the time as an effort to form a more “efficient surgical team.” It had also granted remaining employees a minimum 15% salary increase. A year earlier, in 2023, the company behind the Layer 2 network cut approximately 20% of its workforce, which impacted around 100 positions.
The latest restructuring comes days after Polygon Labs agreed to acquire US-based crypto payments firm Coinme and wallet infrastructure provider Sequence in deals worth more than $250 million combined to offer regulated stablecoin payments in the US. Those acquisitions provide Polygon with access to Coinme’s network of US money-transmitter licenses, fiat on- and off-ramps, and Sequence’s embedded wallet technology and cross-chain payment tools used by banks, fintech companies, and enterprises.
Layoffs Are Structural, Not Performance-Related
In an X post announcing the changes, Boiron said the company has spent the past few months “sharpening” its focus around a single mission – moving all money on-chain. He stated that as Coinme and Sequence are integrated into a combined organization, Polygon decided to consolidate overlapping roles. Boiron added that while overall headcount is expected to remain roughly similar after the restructuring, the composition of the workforce will change to support its payments strategy.
The exec also added that the layoffs were about structure and not related to performance.
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Source: https://cryptopotato.com/polygon-axes-30-workforce-eyes-stablecoin-domination-post-acquisitions/
