TL;DR
Polygon Labs announced a second round of layoffs in 2026, amid the final stages of its acquisition of Coinme and a restructuring process aimed at redefining the company’s strategic direction. Marc Boiron, CEO of the firm, communicated the decision, noting that the cuts are part of the transition from operating as a “blockchain foundation” to a “blockchain-enabled payments company.”
“This morning we made the difficult but necessary decision to part ways with many of our colleagues as we complete our transformation,” Boiron wrote. The firm did not disclose specific figures on the number of employees affected, though it confirmed that severance and support will be offered, and that some staff will remain temporarily during the transition period.
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. As part of that process,…
— Marc | Polygon Labs (
,
, ※) (@0xMarcB) July 16, 2026
This week’s cuts add to a series of reductions that already spans several cycles. In February 2023, the company eliminated roughly 20% of its workforce, equivalent to around 100 employees. In 2024 it reduced headcount by an additional 19%, affecting 60 people. In January of this year, another batch of 60 employees was let go, in line with the acquisition plans for Coinme and Sequence.
The acquisition of Coinme, an exchange founded in 2014, and Sequence, a wallet infrastructure firm founded in 2017, closed in January for approximately $250 million. Both companies were designed as central pieces of the Polygon Open Money Stack, a vertically integrated infrastructure platform aimed at making global blockchain-based payments as seamless as traditional transfers.
Boiron acknowledged in an internal message that two rounds of cuts in the same year represent a significant burden on the team, but defended the decision as necessary to preserve the organization’s executive capacity. The stated goal is to reach profitability in 2027.
On the other hand, network data shows encouraging signals: the stablecoin supply on the Polygon ecosystem stands at around $3.37 billion, cementing it as the eighth largest in that market globally, while June’s volume marked a record of $9.12 billion.
