Crypto: Polygon Trims Workforce Amid $250m Stablecoin Payments Pivot

The restructuring comes as the company integrates new payments assets and narrows its mandate, with several employees saying on X that they were affected by the layoffs.

Polygon Labs has cut personnel as it pivots more aggressively to a payments-first strategy built around stablecoin rails and what it calls an “Open Money Stack,” a new, vertically integrated set of services designed to move money onchain.

The layoffs came just days after announcing a deal worth as much as $250 million to acquire US crypto ATM and payments company Coinme and wallet and developer platform Sequence.

Polygon did not publicly disclose how many roles were eliminated, but according to multiple sources on social media platforms like X, a reduction as large of 30% in staff has been linked to the post‑acquisition integration.

Cointelegraph reached out to Polygon Labs for comment, but had not received a response by publication.

​Polygon CEO Marc Boiron framed the recent acquisitions as part of a longer‑running effort to narrow the company’s mandate.

In a post on X, he said, “Over the past few months, we’ve sharpened Polygon Labs’ focus around one mission: moving all money onchain.”

He added that the Coinme and Sequence deals brought “deep expertise across regulated payments, wallets, and interop.”

Related: DeadLock ransomware hides using exploited Polygon smart contracts

As those teams are integrated into a combined organization, Boiron said Polygon “had to make the difficult decision to consolidate some overlapping roles,” with the goal of becoming the leading payments-focused blockchain company.

Source: CoinTelegraph