Polygon Labs announced another round of layoffs on Thursday as it moves toward closing its Coinme deal, with CEO Marc Boiron saying the company is changing how it operates.
In a post on X, Boiron said the company had decided to “say goodbye to many of our colleagues” as it completes a transformation “from operating as a blockchain foundation into operating as a blockchain-enabled payments company.” Polygon Labs develops software for Polygon, an Ethereum scaling network.
Coinme integration tied to the staff cuts
Boiron said the reductions come as the company enters the final stage of completing its acquisition of Coinme. He wrote that the process will involve integrating the Coinme team into Polygon Labs.
“We are in the final stages of completing the Coinme acquisition, which will involve integrating that team into Polygon Labs, a move that will grow our organization as part of a broader merger exercise to position Polygon Labs to be profitable in 2027,” he said.
Polygon Labs did not provide a specific number for the Thursday cuts.
Second round of layoffs in 2026
The latest reductions are the company’s second in 2026. Polygon Labs cut about 60 employees in January, and those cuts were reportedly tied to acquisition plans involving Coinme and Sequence.
Severance and transition support
The company is offering severance and support to affected employees. Some staff members have also been asked to remain temporarily during the transition period.
Boiron said he would help departing employees with placement, writing that “ex-Polygon talent is as good as it gets, and I'll vouch for them personally.”
January deal valued at about $250 million
In January, Polygon Labs agreed to spend about $250 million to acquire Coinme and Sequence, a wallet infrastructure firm. Coinme is a crypto exchange founded in 2014.
Polygon Labs said both companies would become core parts of the Polygon Open Money Stack, its payments infrastructure platform.