Polygon Labs is undergoing restructuring: layoffs amid the merger with Coinme and Sequence for $250 million
Polygon Labs CEO Marc Boiron has confirmed a new wave of layoffs, coinciding with the finalization of the acquisition deal for payment solutions Coinme and Sequence. The deal is valued at $250 million. The exact number of laid-off employees has not been disclosed, but this is not the first round of workforce optimization at the company.
Boiron stated that Polygon is transitioning from a classic blockchain fund model to the structure of a blockchain payment company. This is a strategic shift that implies a focus on building infrastructure for real financial operations, rather than solely on developing decentralized applications. Previous rounds of layoffs over the past three years have affected more than 200 people, indicating a systematic review of the business model.
Why is this important for the market?
Polygon Labs' decision to move toward a payment ecosystem is a logical step amid the consolidation of the L2 solutions market. The layoffs and merger with Coinme and Sequence indicate that the company aims to strengthen its position in the niche of cross-border transfers and crypto-fiat gateways. However, the scale of the layoffs raises questions about internal efficiency and the long-term sustainability of the model.
Expert opinion: From my perspective, Polygon is moving in the right direction by trying to diversify revenue through payment services. But investors should closely monitor how quickly the new assets begin to generate profit — otherwise, the risks of further restructuring remain.