Polygon CEO Announces Job Cuts amid Coinme Acquisition

The round of layoffs was part of Polygon transitioning operations to payments following a $250 million deal to acquire Coinme and Sequence in January.

Marc Boiron, CEO of Polygon Labs, announced additional layoffs as the company finalizes its acquisition of cryptocurrency exchange Coinme.

In a Thursday X post, Boiron said that Polygon would say “goodbye to many of [its] colleagues” as the company began the “transformation from operating as a blockchain foundation into operating as a blockchain-enabled payments company.” The move was part of a $250 million deal announced in January for Polygon to acquire Coinme and wallet infrastructure platform Sequence.

“These changes are about the company we’re building, not the quality of the people leaving,” said Boiron. “A blockchain foundation and a blockchain-enabled payments company do not operate the same way. This transition means changing how we’re organized and the talent we need, not just what we build.”

The employee cuts followed rounds of layoffs announced by Boiron in the last three years, affecting more than 200 people. Cointelegraph reached out to Polygon for specifics on the layoffs but did not receive an immediate response.

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