Polygon Labs is completing its acquisition of Coinme and plans to integrate the crypto payments firm’s team into the company as part of a broader organizational overhaul intended to make the business profitable by 2027, CEO Marc Boiron said in a statement on X.
Alongside the acquisition, the company has laid off a number of employees as it transitions from a blockchain foundation into a blockchain-enabled payments company. According to Boiron, the layoffs were a difficult but necessary part of the restructuring.
“These changes are about the company we’re building, not the quality of the people leaving. A blockchain foundation and a blockchain-enabled payments company do not operate the same way,” he stated.
The executive said Polygon Labs is undertaking the transformation while business fundamentals remain strong, highlighting stable revenue, record stablecoin activity, a growing customer pipeline and the rapid deployment of its onchain payments product.
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