Polygon Labs initiated its second round of layoffs in 2026 as the company prepares to finalize its acquisition of crypto payments firm Coinme. Chief executive Marc Boiron said this step is part of a structured transformation, directing Polygon Labs toward becoming a blockchain-enabled payments company.
Transforming into a payments-focused business
Marc Boiron explained that integrating Coinme’s team into Polygon Labs forms a key part of a wider merger strategy. He noted on X, formerly Twitter, that the organization aims to achieve profitability by 2027 through this transition. Boiron emphasized that the company’s shift from being a blockchain foundation to a blockchain-powered payments company requires a different operational approach and structure.
Polygon Labs recently agreed to acquire Coinme, which launched in 2014 as a crypto exchange, and Sequence, a wallet-infrastructure provider established in 2017. The combined value of both deals reached approximately $250 million. These acquisitions underpin Polygon’s Open Money Stack, an initiative designed to make blockchain-based payments as simple as traditional financial transfers.
Mini dictionary: Coinme is a US-based crypto exchange specializing in cryptocurrency purchasing and payment solutions, with operations begun in 2014. It operates bitcoin ATMs and digital wallet services across the United States.
Layoffs amid restructuring
Boiron reported that the latest organizational changes involved saying farewell to a significant number of staff. He did not specify exactly how many employees were impacted in this round. The company had previously implemented workforce reductions of about 20% in February 2023, 19% in 2024, and laid off 60 staff in January 2026.
Boiron described the layoffs as a difficult but necessary decision. He reiterated that the restructuring is motivated by the company’s future direction, not by the performance of staff who are leaving.
Boiron stated that Polygon Labs’ move toward payment solutions requires a different team structure and focus from its earlier mission as a blockchain foundation.
| Year | Layoff Percentage or Number | Key Event |
|---|---|---|
| 2023 | 20% | First major staff reduction |
| 2024 | 19% | Second workforce trim |
| 2026 | 60 employees | January layoff |
| 2026 | Undisclosed | Second round this year |
Ambitions for 2027 and DeFi’s evolving landscape
Polygon Labs is positioning itself to compete aggressively in blockchain-powered payments. The company’s stated objective is to become profitable by 2027 as it builds out its Open Money Stack to streamline crypto transfers.
Polygon functions as a prominent Ethereum scaling network known for providing fast, low-cost blockchain solutions. By turning to payments, it seeks to carve a stronger role in facilitating widespread cryptocurrency adoption for daily transactions.
Boiron stressed, “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.”
