Polygon's Payments Transformation
Polygon Labs Cuts Staff and Integrates Coinme, Pivoting to Blockchain Payments Business
Anonymous
Key Points
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Marc Boiron personally offered to vouch for former Polygon talent and invited hiring managers to reach out via direct message for potential matches as part of the restructuring.
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Polygon has a history of substantial layoffs tied to its acquisitions, including about 60 cuts in January linked to Coinme and Sequence, plus around 100 in 2023 and 60 in 2024, marking a second round of layoffs in six months.
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The Open Money Stack is projected to generate meaningful revenue, with Polygon claiming it could unlock more than $100 million in annual revenue from its unified, regulated stablecoin payments infrastructure.
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In mid-2025, Polygon co-founder Sandeep Nailwal took over the Polygon Foundation and announced the discontinuation of the zkEVM network, signaling a strategic pivot from infrastructure to payments-oriented business.
Polygon Labs is cutting another round of jobs as it prepares to finalize its acquisition of crypto exchange Coinme, marking a sharp turn away from blockchain infrastructure toward payments, according to Crypto News. CEO Marc Boiron confirmed the layoffs, saying the restructuring is designed to reach profitability by 2027.
The cuts follow roughly 60 layoffs in January tied to Coinme and the $250 million acquisition of Sequence, plus around 100 in 2023 and 60 in 2024, according to Crypto Times. Boiron stressed the changes reflect building the company, not judging departing staff — and he personally offered to vouch for former employees seeking new roles.
From Blockchain Foundation to Payments Company
Polygon Labs is rebranding its entire identity. The company is shifting from a blockchain infrastructure provider to a blockchain-enabled payments business, according to Crypto Economy. That shift is the core reason behind every recent acquisition and layoff.
In mid-2025, co-founder Sandeep Nailwal took over the Polygon Foundation and announced the end of the zkEVM network — a major piece of Polygon's original infrastructure, according to Tron Weekly. That move signaled the company was done building rails and ready to run trains on them.
Open Money Stack Targets $100 Million in Annual Revenue
At the center of Polygon's new strategy is the Open Money Stack — a unified payments system built for cross-border transfers and regulated stablecoin payments. Polygon claims it could unlock more than $100 million in annual revenue, according to Crypto.news.
The stack is designed to cut out middlemen and make moving money across borders simpler and cheaper. Coinme, which operates a regulated crypto exchange, plugs directly into that vision. Together, they aim to offer stablecoin payments that meet legal standards in multiple markets.
A Pattern of Acquisitions and Workforce Reductions
This is not Polygon's first round of cuts. The company laid off around 100 workers in 2023, then another 60 in 2024, according to Crypto Times. The latest round marks the second set of layoffs in just six months, with the January cuts alone numbering about 60.
Polygon spent roughly $250 million acquiring both Coinme and Sequence — a developer tools company. Each deal came with reorganization costs. CEO Boiron acknowledged the pain of the cuts but framed them as necessary steps toward a leaner, more focused company.
Boiron Bets on Long-Term Growth in On-Chain Payments
Despite the job cuts, Boiron argues Polygon will grow overall. He said the Coinme integration will add roles and scale the organization in new directions, according to Crypto News. The target is a profitable, payments-first business by 2027.
Boiron also took an unusual personal step — inviting hiring managers to message him directly to match laid-off Polygon staff with new jobs. The gesture underscored his message that departing workers are talented people caught in a business pivot, not poor performers being let go.
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