Polygon Labs Cuts Staff Again as It Closes Coinme Deal

Polygon Labs CEO Marc Boiron announced a new round of layoffs on Thursday, saying the company 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.

Boiron wrote on X that the cuts accompany the final stages of the company's Coinme acquisition. "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.

The reductions are the company's second in 2026. Polygon Labs cut about 60 employees in January, reductions reportedly tied to the Coinme and Sequence acquisition plans.

Polygon Labs didn’t provide specific figures for Thursday's cuts.

The firm is offering severance and support, and some employees have been asked to stay temporarily during a transition period. In his X post, Boiron offered to help place departing staff, saying "ex-Polygon talent is as good as it gets, and I'll vouch for them personally."

Polygon Labs agreed in January to spend about $250 million to acquire Coinme, a crypto exchange founded in 2014, and Sequence, a wallet infrastructure firm, positioning both as core parts of the Polygon Open Money Stack, its payments infrastructure platform.