Polygon Labs Cuts 60 Jobs Following Major Acquisition of Coinme and Sequence

Polygon Labs has eliminated 60 positions across its workforce as part of a restructuring strategy tied to its recent acquisition of Coinme and Sequence for over $250 million, according to sources with knowledge of the decision. The company, which operates the Polygon scaling network, is shifting its strategic focus toward payments infrastructure while integrating teams from the two newly acquired companies.

The company initially faced reports claiming a 30% workforce reduction, which leadership pushed back against. A Polygon Labs spokesperson clarified that the restructuring was designed to maintain stable headcount levels as the organization absorbed employees from the Coinme and Sequence deals. Following the consolidation, Polygon Labs still maintains approximately 200 team members.

“Ahead of integrating employees from Coinme and Sequence into Polygon Labs, we’ve made adjustments to keep our overall headcount consistent,” the company stated. “These changes are intended to balance additions from recent acquisitions, not to reduce the size of the company.” CEO Marc Boiron acknowledged the departures on social media, noting that overlapping roles created by the acquisitions necessitated the changes.

A Pattern of Workforce Adjustments: Three Cuts Over Three Years

This marks the third significant round of layoffs for Polygon Labs within a three-year span, reflecting broader shifts in the company’s operational strategy. In early 2023, the organization cut approximately 100 employees—representing 20% of its workforce at that time—as it consolidated multiple business units under unified management.

The following year brought another reduction of 60 positions in February 2024, affecting 19% of staff, which the company framed as necessary for “enhanced operational efficiency and performance.” The current restructuring continues this pattern, though leadership frames it differently as part of normal integration processes rather than cost-cutting measures.

Strategic Shift Toward Payments and Market Response

Polygon’s pivot toward payments-focused blockchain infrastructure represents a significant strategic reorientation. CEO Boiron emphasized the company’s core mission of “moving all money onchain,” suggesting the restructuring aligns with this longer-term vision. The integration of Coinme and Sequence—both with payment capabilities—points to Polygon’s ambition to position itself as a payments infrastructure provider rather than purely a scaling solution.

From a financial perspective, Polygon Labs remains well-capitalized. The company holds over $200 million in its treasury and maintains a position of 1.9 billion MATIC tokens, its native asset. The MATIC token declined approximately 6% over the 24-hour period following the announcement, while the broader CoinDesk20 Index decreased about 1% during the same timeframe.

The Foundation and Technical Framework

Polygon originated in 2017 as the Matic Network, created by several Ethereum developers seeking to improve transaction speeds and reduce costs on the blockchain. The network launched in 2020 and has since become one of the most significant scaling solutions for Ethereum. The platform operates using a Proof-of-Stake consensus mechanism, with MATIC serving as the native currency for transaction fees and staking rewards.

The restructuring underscores Polygon’s commitment to its evolving mission, with departing team members receiving support during the transition. The company’s trajectory—marked by strategic acquisitions and periodic workforce realignments—reflects the competitive pressures and strategic pivots characterizing the blockchain infrastructure sector.