Polygon Labs is restructuring its workforce as it pivots to a payments-first strategy centered on stablecoin rails and its new Open Money Stack platform. The move follows acquisitions totaling up to $250 million, including US crypto ATM and payments provider Coinme and wallet and developer platform Sequence.
While the company has not confirmed exact numbers, reports suggest that up to 30% of staff were affected as roles were consolidated during post-acquisition integration. CEO Marc Boiron emphasized that the cuts reflect structural adjustments, not performance issues, as Polygon aims to narrow its mandate to moving money onchain.
In a post on X, CEO Marc Boiron said;
The integrations bring expertise in regulated payments, wallets, and interoperability, and the company plans to maintain overall headcount levels after restructuring. Departing employees have publicly acknowledged their departures with a largely positive outlook on the company’s trajectory.
Industry Context and Broader Implications
Polygon’s restructuring follows similar cost-cutting and consolidation efforts across the crypto industry. Major firms like Coinbase and Binance have executed layoffs in previous years to streamline operations and improve efficiency. The move highlights ongoing sector-wide efforts to optimize operations while investing in stablecoin-based payments infrastructure, signaling a shift toward onchain financial services even amid workforce reductions.
By focusing on payments and stablecoin adoption, Polygon aims to position itself as a leading blockchain platform for digital money movement.
Disclaimer
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