Polygon Labs CEO Marc Boiron announced a second round of layoffs in 2026 on Thursday as the firm moves to finalize its $250 million acquisition of Coinme and transition into a blockchain-enabled payments company.
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Polygon Labs cuts staff again as $250M Coinme deal nears close
Polygon Labs Chief Executive Officer Marc Boiron announced a second round of layoffs in 2026 on Thursday as the blockchain development firm moves to finalize its $250 million acquisition of crypto payments company Coinme.
"We are in the final stages of completing the Coinme acquisition, which will involve integrating that team into Polygon Labs, a move that will grow our organization as part of a broader merger exercise to position Polygon Labs to be profitable in 2027," Boiron wrote on X. "A blockchain foundation and a blockchain-enabled payments company do not operate the same way."
The restructuring comes as Polygon Labs transitions from operating as a blockchain foundation into a blockchain-enabled payments company centered on its Open Money Stack, a vertically integrated infrastructure platform for global stablecoin payments. The company acquired Coinme and wallet infrastructure firm Sequence in January for a combined $250 million, with Boiron saying the acquisitions could unlock more than $100 million in annual revenue. Polygon Labs has now conducted four rounds of workforce reductions since February 2023, including a 20% cut affecting about 100 employees that year, a 19% reduction impacting 60 in 2024, and 60 more layoffs in January tied to the Coinme and Sequence acquisition plans.
The company's strategic pivot comes amid intensifying competition in the stablecoin payments space. Stripe, which processes stablecoin settlements through Polygon's infrastructure at a fixed 1.5% fee, joined with Advent International this month to submit a $53 billion acquisition proposal for PayPal — a deal that would combine Stripe's merchant reach and cryptocurrency expertise with PayPal's PYUSD stablecoin and hundreds of millions of active users. Polygon's stablecoin supply stands at $3.37 billion, making it the eighth-largest stablecoin ecosystem across all blockchains, while monthly volume hit a record $9.12 billion in June, according to a Polygon Labs spokesperson.
This article is for informational purposes only and does not constitute investment advice.
[1] Polygon Labs announces second round of layoffs in 2026 as firm looks to finalize Coinme acquisition[2] Stripe’s $53 Billion PayPal Acquisition Bid Could Reshape Crypto Payments[3] PayPal boosts its stablecoin as banks prepare to launch a shared one[4] Polygon Labs CEO announces layoffs amid Coinme acquisition - Crypto Briefing
