Polygon Labs CEO Marc Boiron announced layoffs on Thursday as the firm moves to complete its acquisition of Coinme, which will grow the company and help transition the “blockchain foundation” into a “blockchain-enabled payments company.”
"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," Boiron wrote on X.
"As part of that process, this morning we made the difficult, but necessary, decision to say goodbye to many of our colleagues as we complete our transformation from operating as a blockchain foundation into operating as a blockchain-enabled payments company," he added.
For the past several months, Polygon Labs has been in the process of refocusing the blockchain’s attention on payments. In January, the firm spent about $250 million to acquire Coinme, a crypto exchange founded in 2014, and Sequence, a wallet infrastructure firm founded in 2017, which were envisioned as core parts of the Polygon Open Money Stack.
The Polygon Open Money Stack is a vertically integrated infrastructure platform designed to make global, blockchain-based payments as seamless as traditional money transfers, while reducing the need for multiple service providers.
