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Polygon laid off approximately 30% of its workforce this week as the blockchain infrastructure firm restructures operations following two acquisitions worth up to $250 million, according to multiple former employees and a statement from CEO Marc Boiron.
The cuts, which affected dozens of roles across overlapping teams, come as Polygon pivots aggressively toward stablecoin-based payments infrastructure and away from its broader developer toolkit strategy—a shift executives described as necessary consolidation, though they declined to specify exact headcount numbers.
Polygon employee layoffs were confirmed this week as Polygon Labs restructures its internal teams to focus more aggressively on payments infrastructure built on stablecoin rails.
The restructuring comes shortly after the company announced plans to acquire U.S. crypto ATM and payments provider Coinme alongside wallet and developer platform Sequence in a deal valued at as much as $250 million.
The integrations are central to what Polygon calls its “Open Money Stack,” a vertically integrated payments framework aimed at moving money fully onchain.
While Polygon has not disclosed the exact number affected, Polygon employee layoffs were widely discussed on X, with multiple posts suggesting that up to 30% of roles may have been impacted as overlapping positions were consolidated following the acquisitions.
Cointelegraph contacted Polygon Labs for comment, but received no response by the time of publication.
Addressing the situation publicly, Polygon CEO Marc Boiron said the Polygon employee layoffs were part of a broader effort to sharpen the company’s mission rather than a reflection of individual performance.
“Over the past few months, Polygon Labs has sharpened its strategy around a single mission: moving all money onchain.” Boiron wrote on X.
He said the Coinme and Sequence acquisitions added deep expertise in regulated payments, wallets and interoperability but required internal consolidation.
According to Boiron, the Polygon employee layoffs were necessary to merge teams efficiently even as overall headcount would remain roughly the same after restructuring. He described the changes as “about structure, not performance,” and praised departing staff as “exceptional.”
Boiron added that Polygon is actively supporting those affected acknowledging that Polygon employee layoffs are one of the hardest parts of building a company and accelerating the growth of a protocol.
Several former employees publicly confirmed they had been laid off. Despite the circumstances, many expressed optimism with one describing their exit as “a hell of a ride,” and another saying there has “never been a better time to be a builder,” underscoring confidence in Polygon’s long term direction despite the Polygon employee layoffs.
The latest layoffs add to a pattern of restructurings at the company over the past two years.
In early 2024, Polygon reduced its workforce by 19% and spun off units such as Polygon Ventures and Polygon ID, moves the executives said were designed to streamline operations.
Polygon is not alone. Major crypto firms have repeatedly cut staff to adapt to market cycles and strategic shifts. Coinbase laid off 18% of its workforce in 2022 amid a market downturn while Binance reduced headcount by about 1,000 employees in 2023 to stay agile.
More recently, real world asset protocol Mantra announced its own restructuring related layoffs highlighting continued consolidation across the crypto sector even as onchain activity shows signs of recovery.
Together, these developments place Polygon employee layoffs within a wider industry reset as companies prioritize efficiency, payments infrastructure and long term sustainability.
