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Hassan Shittu
Journalist
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Polygon Labs has been reported to have already laid off a significant number of its employees as the company continues to explore more on the payments-first strategy, following days they announced acquisitions of up to $250 million.
Although the company has not officially verified the extent of the layoffs, various sources and posts on social media by employees indicate that up to 30% of employees might have been impacted by the changes and were more related to post-acquisition integration and not financial distress.
Polygon Aligns Teams Around Payments Vision After Coinme, Sequence Buyouts
The reported layoffs follow Polygon’s announcement that it had agreed to acquire U.S. crypto payments firm Coinme and wallet and developer platform Sequence.
The two deals, together valued at more than $250 million, are intended to form the backbone of what Polygon calls its “Open Money Stack,” a vertically integrated system designed to move money onchain using stablecoins.
The strategy marks a clear narrowing of Polygon Labs’ focus, shifting away from broad ecosystem expansion toward regulated payments infrastructure, wallets, and settlement rails.
Polygon CEO Marc Boiron framed the restructuring as part of a deliberate effort to sharpen the company’s mission.
In a post on X, Boiron said Polygon had spent recent months aligning around a single goal of moving all money onchain, and that the acquisitions brought in teams with deep expertise.
As those teams were folded into Polygon, overlapping roles were consolidated, leading to difficult staffing decisions.
Boiron stressed that the changes were structural rather than performance-based and said total headcount would remain similar after the integration, though with a heavier emphasis on payments and wallet expertise.
Coinme brings a nationwide compliance footprint that is difficult for crypto companies to build organically.
The company operates in 48 U.S. states and runs more than 50,000 retail crypto ATMs and kiosks, giving Polygon access to licensed fiat on- and off-ramps at scale.
Sequence, meanwhile, provides embedded wallets and cross-chain tooling that abstracts away complexity like gas management, bridging, and token swaps.
Departing Polygon Employees Voice Mixed Emotions After Job Cuts
Although Polygon did not disclose how many employees were let go, former staff members began confirming exits shortly after the news broke.
Several described the layoffs as painful but expressed optimism about Polygon’s direction.
One former senior ecosystem figure said they were proud of what the team had built and remained confident about the future of the protocol.
Others publicly began searching for new roles across operations, business development, and ecosystem management, showing the breadth of functions affected by the restructuring.
The cuts are not Polygon’s first attempt to streamline operations.
Over the past two years, the company has gone through multiple restructurings, including a roughly 19% workforce reduction and the spin-off of Polygon Ventures and Polygon ID in early 2024.
Executives at the time said those moves were designed to reduce complexity and focus resources.
Polygon maintains that its financial position remains solid, as since the beginning of January 2026, Polygon’s protocol fee revenue has exceeded $1.7 million, suggesting the layoffs were driven by strategic reprioritization rather than a lack of capital.
Polygon’s move comes amid a broader wave of restructuring across the crypto industry as companies reassess costs and focus areas after years of rapid expansion.
This week, Mantra announced job cuts and a shift to a leaner operating model following a steep collapse in its OM token and prolonged market pressure.
In July 2025, Consensys, the Ethereum software firm behind MetaMask, reportedly laid off about 7% of its workforce as part of a realignment following an acquisition.
