Polygon Labs has cut some jobs as it shifts its focus to payments, especially using stablecoins and moving money on the blockchain.
The company is working on what it calls an “Open Money Stack” a full set of services for moving money onchain with stablecoins.
This happened just days after Polygon Labs said it would spend up to $250 million to purchase Coinme, a US crypto ATM and payments company, and Sequence, a wallet and developer platform.
Polygon hasn’t said exactly how many people lost their jobs. But, some sources on X are saying it could be around 30% of the staff, and that it’s linked to bringing the new acquisitions into the company.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
Polygon’s CEO: The Reshuffle Is About Focus, Not Bad Performance
Polygon Labs CEO, Marc Boiron, says recent buys are part of a plan to sharpen the company’s focus.
Boiron posted on “X” that Polygon Labs has spent recent months zeroing in on one main aim: getting all money onto blockchains.
He said buying Coinme and Sequence brought in solid skills in regulated payments, wallets, and getting different systems to work together. Boiron made it clear that these moves are about reshaping the company, not cutting back because of bad results. He said employee numbers should stay about the same after things settle.
Boiron called the leaving employees amazing and said Polygon will help them move on. He said these times are among the toughest parts of building a company and growing a blockchain system.
Some ex-workers verified they were laid off. Though, many shared good views about where Polygon’s headed and what the company wants to do long-term.
