Polygon Labs has a new partner from $250 million acquisition, organizing 60 staff members

Polygon Labs has undergone a major restructuring affecting over 60 team members within the organization. This change is directly related to the acquisition of Coinme and Sequence for over $250 million, aimed at strengthening Polygon as a payment-focused blockchain. According to the company, this restructuring is not just about downsizing but about aligning teams to effectively integrate the new colleagues from the acquired businesses.

Polygon’s Strategy for Acquisition and Integration

The acquisition of Coinme and Sequence is part of Polygon Labs’ larger mission to “move all money on chain,” according to CEO Marc Boiron. The two teams will bring their expertise in stablecoins and Web3 infrastructure to enhance Polygon’s capabilities in the payments sector. Before integrating the new team members from the acquisitions, the company conducted internal adjustments to maintain the overall staff count at 200, including the new additions.

“We made adjustments to maintain our overall employee count,” said a company spokesperson. “These changes are intended to balance the additions, not to reduce the size of the company.” The typical employees who left received support from the company in transitioning to other opportunities.

Third Phase of Change: Recognizing the Pattern of Restructuring

The current reduction is not the first time Polygon Labs has undergone significant change. In early 2023, the company cut approximately 100 employees, representing 20% of their staff at that time, as it consolidated multiple business units. A year later, in February 2024, the company laid off 60 people, accounting for 19% of their payroll, in a move described as improving operational efficiency and performance.

The ongoing restructuring demonstrates Polygon’s continuous adaptation to the rapidly changing crypto landscape. Each phase has its own objectives, from consolidating units to the current strategic integration of new colleagues with specialized skills.

Financial Stability and Long-Term Commitment of the Company

Polygon Labs’ spokesperson emphasized that the company remains financially solid. It still holds over $200 million in cash reserves and more than 1.9 billion MATIC tokens in its treasury. This position allows the company to continue its expansion strategy while ensuring the stability of its team members.

CEO Boiron acknowledged the contributions of the team members who left. “Our departing colleagues are unique, and we are very grateful for all they have contributed to Polygon,” he said on social media. “We are actively supporting them during this transition.”

Polygon as a Layer 2 Solution and the Value of MATIC

Polygon is a scaling solution designed to make transactions on the Ethereum blockchain faster and cheaper. The network uses a Proof-of-Stake consensus algorithm, where the MATIC token is used to pay transaction fees and can be staked to earn rewards. The network was first launched in 2017 as MATIC Network and went live in 2020.

In the market, the MATIC token has experienced price fluctuations reflecting broader sentiment in the cryptocurrency sector. The wider crypto market, as measured by the CoinDesk20 Index, continues to move amid various market factors and investor sentiment.