Polygon Labs job cuts are happening again. The company is completing its integration of crypto exchange Coinme.
This restructuring aims to support profitability by 2027. CEO Marc Boiron confirmed the workforce reduction.
Why Polygon Labs job cuts are happening
The company is in the final acquisition stages. It is preparing to merge Coinme operations. This move will expand the organization.
Consequently, its focus is changing significantly. Polygon is shifting from a blockchain foundation. It is becoming a blockchain-enabled payments company.
Boiron posted about the layoffs on X. He described them as difficult but necessary. Integrating the Coinme team will increase headcount overall. Nevertheless, existing roles are being eliminated.
Restructuring continues as payments become priority
Polygon has pursued this strategy for months. The company spent $250 million in January. It acquired Coinme and wallet provider Sequence.
These are core building blocks of its Polygon Open Money Stack. The platform is a vertically integrated payments infrastructure. It allows blockchain-based payments with fewer intermediaries.
Transfers become as seamless as traditional payment systems. Priorities have shifted over the past year.
In mid-2025, co-founder Sandeep Nailwal became CEO. He announced plans to retire the Polygon zkEVM chain. This chain used technology from Hermez Network and Mir Protocol.
History of workforce reductions
Thursday’s layoffs continue a series of cuts. Polygon eliminated about 100 roles in February 2023. That was roughly 20% of its workforce.
Another 60 positions were cut in 2024. That represented a 19% reduction. Earlier this year, the company cut another 60 employees.
These cuts were linked to the Coinme and Sequence acquisitions.
A Polygon Labs spokesperson declined to disclose numbers. Affected workers will receive severance packages. Some employees will stay temporarily to help complete changes.
Boiron said the company acted now. It could not keep an organizational structure that hurt execution. Two rounds of cuts in one year are difficult. Nevertheless, the restructuring provides a stronger financial foundation.
The goal is profitability in 2027.
Payments strategy expands despite industry-wide cuts
Polygon said the restructuring is separate from the foundation. The foundation oversees the network and treasury. It also manages ecosystem development and protocol upgrades.
Polygon’s stablecoin supply has reached $3.37 billion. This makes it the eighth-largest stablecoin ecosystem. On-chain payment volume hit a record $9.12 billion in June.
Other crypto firms are also restructuring. Robinhood plans to eliminate about 290 jobs. That is roughly 10% of its workforce.
CEO Vlad Tenev described the business as financially strong. Efficiency improvements are the main goal.
Workforce reductions remain common in non-engineering roles. Women accounted for less than 8% of crypto hires. This is despite a sharp increase in female Web3 placements.
Marketing, communications, and events roles are more exposed. These functions are frequently targeted during cuts. Companies are reorganizing around new business priorities.
