Polygon Labs Cuts More Jobs as It Completes Coinme Acquisition

Polygon Labs has carried out another round of job cuts as it completes its acquisition of cryptocurrency exchange Coinme.

Cointelegraph reported on July 16 that Polygon Labs Chief Executive Officer Marc Boiron wrote on X that the company was saying goodbye to many colleagues as it shifts from a blockchain foundation to a blockchain-based payments company.

The layoffs are part of Polygon Labs' previously announced $250 million plan to acquire Coinme and wallet infrastructure platform Sequence. The company is reorganizing away from a structure centered on blockchain protocol development and toward payments services.

"This change is about the direction of the company we are building, not the capabilities of the people who are leaving," Boiron wrote. "A blockchain foundation and a blockchain-based payments company operate differently. This transition changes not only what we build, but also how the organization is structured and the kind of talent we need."

The latest cuts are the continuation of multiple restructurings carried out under Boiron over the past three years. Total layoffs during that period have exceeded 200 employees. Cointelegraph said it asked Polygon Labs about the size of the latest round of cuts but did not receive an immediate response.