We break down the reasons behind the layoffs and Polygon’s new direction in crypto.
Polygon Labs CEO Marc Boiron announced fresh layoffs amid the closing of a $250 million acquisition of crypto exchange Coinme and infrastructure platform Sequence.
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In a post on X, Boiron said the company is “saying goodbye to many colleagues” as it begins a “transformation from a blockchain foundation into a payments blockchain company.” He emphasized the cuts aren’t tied to performance–”a blockchain foundation and a payment-focused blockchain company operate differently.“
The number of layoffs wasn’t disclosed, but affected employees will receive severance and job placement support. This is the third round of cuts in three years, with previous rounds affecting more than 200 people.
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Why Polygon Is Changing Its Model: A $250 Million Deal and a Bet on Payments
In January 2026, Polygon Labs announced the acquisition of Coinme and Sequence. These companies are set to become key components of the Polygon Open Money Stack–a vertically integrated infrastructure for global blockchain payments aimed at making on-chain transfers as simple as traditional money transfers. Boiron said the reorganization is designed to make Polygon Labs profitable by 2027.
At the same time, the CEO emphasized the business is performing well.
“Our revenues remain high, stablecoin volumes keep setting records, our client pipeline has exceeded all expectations, and we launched on-chain payment solutions in record time,” he said.
According to the company, stablecoin supply on Polygon stands at $3.37B. In June, volume hit a record $9.12B, making it the eighth-largest stablecoin ecosystem among all blockchains.
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A Trend of Reorganization in Crypto
Polygon Labs isn’t alone in restructuring this year. The Ethereum Foundation cut 54 employees as part of a new governance model. Coinbase, Crypto.com, and others have also cited AI efficiency and cost optimization for layoffs.
Boiron’s internal memo to employees emphasized the long-term strategy:
“We’re building for the long term, not the next milestone. Two rounds of changes in one year is a lot for a team, but I’d rather make the right decision now than delay it and keep a structure that jeopardizes our ability to execute effectively.”
This isn’t Polygon’s first round of layoffs. In February 2023, the company cut about 20% of its staff. Another 19% reduction followed in 2024, and in January 2026, 60 more employees left as part of the Coinme and Sequence acquisition plans.
Learn more: Polygon Perspectives 2026 — Why POL Keeps Falling and What’s Driving the Downtrend
