Polygon Labs Chief Executive Marc Boiron announced that the company made additional layoffs while completing the acquisition of cryptocurrency exchange Coinme. In his post on X on Thursday, Boiron announced that the company would part ways with many of its employees.
Structural transformation came to the fore
Boiron attributed this move to Polygon’s transition from a blockchain foundation structure to a blockchain-powered payment company model. Stating that the company’s operating structure has changed, Boiron noted that this transformation is not only limited to the products developed, but also reshaped the organizational structure and required competencies.
Marc Boiron emphasized that the separations are not related to the qualifications of the employees, and that the new structure established by the company requires a different organizational model and different competencies.
Within the scope of the 250 million dollar agreement announced in January, Polygon decided to purchase Coinme and wallet infrastructure provider Sequence. Coinme is known as a platform that offers cryptocurrency trading services. Sequence stands out as a technology company that develops digital wallet and infrastructure solutions.
| Title | Detail |
|---|---|
| purchase package | Coinme and Sequence |
| Agreement amount | $250 million |
| Conversion goal | Blockchain-supported payment company model |
Third wave in the last three years
The latest layoffs are a continuation of staff reductions made in the last three years under Boiron. It was reported that more than 200 people were affected during this process. Details regarding how many employees the new wave covers were not shared.
Boiron states that the blockchain foundation and the blockchain-supported payment company do not work the same way, which is why the company has been restructured.
Polygon is among the companies that have recently rearranged their technical infrastructure and commercial focus. In this context, while it continues its growth strategy through acquisitions, it is also turning to a narrower and more target-oriented model in its operational structure.
Detailed numbers were not shared from the company
An exact number regarding the scope of layoffs was not given. The company management emphasized that the decision was based on the change in corporate structure rather than individual performance. This shows that the post-purchase integration process is directly reflected in human resource planning.
Polygon Labs had previously come to the fore with organizational simplification and strategic repositioning steps. The latest statement revealed that the company is accelerating the transition to a payment-oriented structure.
