Polygon Labs cuts staff while finalizing Coinme acquisition

Polygon Labs, a major blockchain infrastructure firm, announced a new round of layoffs on July 16, 2026, as it finalizes its acquisition of the crypto exchange Coinme and restructures to become a payments-focused company. CEO Marc Boiron confirmed the workforce reduction, stating it was a difficult but necessary step in the company's transition from a blockchain foundation to a blockchain-enabled payments entity.

The layoffs are part of the final stages of integrating Coinme, a company Polygon is acquiring along with wallet infrastructure provider Sequence for approximately $250 million. Boiron said the integration of the Coinme team will ultimately grow the organization as part of a broader merger exercise aimed at achieving profitability by 2027. The company did not disclose the exact number of employees affected in this latest round, though it confirmed severance packages and transition support are being offered, with some staff remaining temporarily to assist with the organizational changes.

This marks the second round of layoffs at Polygon Labs in 2026 and continues a multi-year trend of workforce reductions. The company eliminated about 100 roles, or 20% of its workforce,...