Polygon Labs Cuts 60 Jobs After $250M Acquisition
Polygon Labs said to have laid off 60 staff following new $250 million acquisition
Polygon Labs, the firm behind the Ethereum scaling network Polygon, has laid off 60 staff following its acquisition of Coinme and Sequence for more than $250 million, according to a source familiar with the matter who spoke to CoinDesk.
The layoffs would amount to nearly 30% of Polygon Labs’ workforce, based on insider information and emerging reports on social media.
The cuts come as Polygon pivots toward stablecoin payments and integrates the newly acquired businesses. Polygon is best known for building scaling infrastructure used to help Ethereum applications process transactions more efficiently, and the reported changes underscore how major crypto infrastructure companies are reshaping teams and priorities as they expand into payments-focused products.
- What happened: Polygon Labs is said to have laid off 60 employees.
- What preceded it: A more than $250 million acquisition of Coinme and Sequence.
- Why it matters: The move signals a significant internal restructuring alongside a strategic shift toward stablecoin payments.
