Polygon Labs has reportedly laid off about 30% of its workforce, following its recent acquisitions of Coinme and Sequence in a deal valued at over $250 million. The move is not tied to financial distress but to a strategic pivot toward a payments-first future, according to sources and social media posts from affected employees.
The restructuring aligns with Polygon's new focus on building an 'Open Money Stack'—a vertically integrated system designed to move money onchain using stablecoins. This shift narrows the company's scope from broad ecosystem expansion to regulated payments infrastructure, wallets, and settlement rails.
Polygon CEO Marc Boiron framed the layoffs as a structural realignment, not performance-based. In an X post, he stated that the company has sharpened its focus around moving all money onchain, and the acquisitions brought in teams with deep expertise. As these teams were integrated, overlapping roles were consolidated, leading to the difficult staffing decisions.
Coinme brings a nationwide compliance footprint, operating in 48 U.S. states and over 50,000 retail crypto ATMs and kiosks. Sequence provides embedded wallets and cross-chain tooling, abstracting complexity like gas management, bridging, and token swaps.
While Polygon did not disclose the exact number of employees let go, former staff began confirming exits shortly after the news broke. One former senior ecosystem figure called the layoffs 'painful but optimistic,' expressing pride in the team's work and confidence in Polygon's future. Others have started searching for new roles across operations, business development, and ecosystem management.
This isn't Polygon's first attempt to streamline. In early 2024, the company underwent a roughly 19% workforce reduction and spun off Polygon Ventures and Polygon ID. Executives at the time said those moves were designed to reduce complexity and focus resources.
Polygon maintains its financial position remains solid, with protocol fee revenue exceeding $1.7 million since the start of January 2026—suggesting the layoffs were driven by strategic reprioritization rather than a lack of capital.
The move comes amid a broader wave of crypto industry restructuring. This week, Mantra announced job cuts and a shift to a leaner model after a steep collapse in its OM token. In July 2025, Consensys reportedly laid off about 7% of its workforce following an acquisition.
