What’s behind the most recent lay-off spree?
Polygon Labs has carried out one other spherical of layoffs. The corporate has reportedly reduce round 30% of its workforce because it restructures and pivots in direction of stablecoin-based funds, in response to a number of posts and disclosures from affected workers on the social media platform X.
Whereas Polygon Labs has not publicly disclosed the precise variety of roles eradicated, its CEO, Marc Boiron, later confirmed the workforce discount in a public assertion.
Brutal 30% Cuts
The newest job cuts appear to be a part of an organizational reset as Polygon strikes away from a primarily infrastructure-focused technique in direction of constructing what it describes as a payments-first blockchain platform.
Again in 2024, Polygon diminished its headcount by 19%, after eliminating virtually 60 roles in what it described on the time as an effort to type a extra “environment friendly surgical workforce.” It additionally granted remaining workers a minimal 15% wage enhance. A yr earlier, in 2023, the corporate behind the Layer 2 community reduce roughly 20% of its workforce, which affected round 100 positions.
The newest restructuring comes days after Polygon Labs agreed to amass US-based crypto funds agency Coinme and pockets infrastructure supplier Sequence in offers price greater than $250 million mixed to supply regulated stablecoin funds within the US. These acquisitions present Polygon with entry to Coinme’s community of US money-transmitter licenses, fiat on- and off-ramps, and Sequence’s embedded pockets expertise and cross-chain cost instruments utilized by banks, fintech firms, and enterprises.
Layoffs Are Structural, Not Efficiency-Associated
In an X submit asserting the modifications, Boiron said the corporate has spent the previous few months “sharpening” its focus round a single mission – transferring all cash on-chain. He said that as Coinme and Sequence are built-in right into a mixed group, Polygon determined to consolidate overlapping roles. Boiron added that whereas the general headcount is predicted to stay roughly related after the restructuring, the composition of the workforce will change to help its funds technique.
The exec additionally added that the layoffs have been about construction and never associated to efficiency.
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