Polygon Labs cuts staff to finalize Coinme integration

The latest workforce reduction marks a continuing trend for the organization, which has shed staff periodically since 2023. While a company spokesperson declined to specify the exact number of employees affected, the move is tied to the final stages of the Coinme acquisition. Boiron stated that while existing roles are being eliminated, the integration of the Coinme team will eventually expand the company’s total headcount.

This shift reflects a broader change in strategy for the firm. Once focused primarily on blockchain infrastructure, Polygon is now prioritizing its "Open Money Stack," a system designed to facilitate blockchain-based payments with minimal intermediaries. Despite the internal downsizing, the ecosystem shows growth in other metrics, with on-chain payment volume reaching a record $9.12 billion in June and its stablecoin supply hitting $3.37 billion. The restructuring remains distinct from the Polygon Foundation, which continues to manage the network and protocol upgrades independently.