Overview
- Polygon Labs said it has carried out another round of layoffs as it moves into the final stages of acquiring and integrating crypto payments firm Coinme into its business.
- The Coinme and Sequence purchases, announced in January for about $250 million, will be folded into Polygon’s ‘Open Money Stack,’ a payments platform designed to route regulated stablecoins for real-world transfers.
- Polygon says the integration will grow overall headcount even as some existing roles are eliminated and that affected workers will receive severance and transition support with some asked to stay temporarily to complete migration work.
- Management pointed to strong usage signals — a reported $3.37 billion in stablecoin supply and a record $9.12 billion in on-chain payment volume in June — and estimates the payments push could unlock over $100 million in annual revenue.
- The move continues a multi-year restructuring that separated commercial operations at Polygon Labs from the Polygon Foundation and could shift where technical and customer-facing jobs sit inside the broader organization.