What’s behind the latest wave of layoffs?
Polygon Labs has implemented another round of layoffs. The company has reportedly cut about 30% of its workforce as it restructures and focuses on stablecoin-based payments, according to multiple posts and disclosures from affected employees on social media platform X.
Although Polygon Labs did not publicly reveal the exact number of positions eliminated, CEO Marc Boiron later confirmed the staff reductions in a public statement.
Brutal cuts of 30%
The latest job losses to 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-focused blockchain platform.
In 2024, Polygon reduced its workforce by 19%, after eliminating nearly 60 positions in what it described at the time as an effort to create a “more efficient surgical team.” It had also granted the remaining employees a salary increase of at least 15%. A year earlier, in 2023, the company behind the Layer 2 network cut about 20% of its workforce, affecting about 100 jobs.
The latest restructuring comes days after Polygon Labs agreed to acquire US-based crypto payments company Coinme and wallet infrastructure provider. Sequence in deals worth more than $250 million combined to offer regulated stablecoin payments in the US. These 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 instruments used by banks, fintech companies and enterprises.
Dismissals are structural and not performance-related
In an X-post announcing the changes, Boiron says said In recent months, the company has “sharpened” its focus on a single mission: moving all the money up the chain. He stated that now that Coinme and Sequence have been integrated into a combined organization, Polygon decided to consolidate overlapping roles. Boiron added that while the overall workforce is expected to remain approximately the same following the restructuring, the composition of the workforce will change to support the payments strategy.
The director also added that the layoffs were about structure and not related to performance.
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