Polygon Labs cuts staff as Coinme deal nears close
The restructuring comes as Polygon Labs experiences strong business momentum, pointing to healthy revenue, record stablecoin volumes, a robust customer pipeline and the successful rollout of its onchain payments solution.
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.
In January, the development team behind the scaling solution announced plans to acquire crypto payments company Coinme and blockchain wallet provider Sequence for $250 million in a major push into regulated stablecoin payments.
The two companies will be integrated into Polygon’s “Open Money Stack,” a payments framework designed to make stablecoins function as scalable, real-world payment instruments. Polygon said the acquisitions could unlock more than $100 million in annual revenue.