Polygon Labs announces layoffs as it moves to complete Coinme acquisition

Polygon Labs has cut staff in what appears to be its second layoff round this year and third in three years, as it nears completion of its Coinme acquisition and reorganizes into a blockchain-enabled payments company. CEO Marc Boiron said the cuts were difficult but necessary, tied to Polygon’s payments-focused strategy rather than distress, and part of a plan to make the company profitable by 2027. Polygon did not disclose how many employees were affected. The company signed agreements in January to acquire Coinme and smart-wallet provider Sequence for more than $250 million as part of a push into regulated stablecoin payments. Coinme operates under money-transmitter licenses across 48 U.S. states, says it has more than 50,000 retail locations, surpassed $1 billion in transaction volume in 2024 and became profitable that year. Polygon has said the acquisitions could add more than $100 million in annual revenue as network usage rises, including 743 million transactions in the second quarter of 2026 and about $79.25 billion in stablecoin transfers in May.