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Polygon CEO announces job cuts as company shifts to payments

The layoffs are tied to Polygon finalizing its $250 million acquisition of Coinme and Sequence, as the company transitions from a blockchain foundation to a blockchain-enabled payments business.

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Polygon Labs CEO Marc Boiron announced another round of job cuts as the company finalizes its acquisition of crypto exchange Coinme and transitions its operations toward payments, according to Cointelegraph.

Boiron said on Thursday that Polygon would say goodbye to many colleagues as it moves from operating as a blockchain foundation into operating as a blockchain-enabled payments company, with the goal of changing the organization and talent needed for the new model.

The shift follows a $250 million deal announced in January for Polygon to acquire Coinme and wallet infrastructure platform Sequence.

Cointelegraph reports the employee reductions come after prior layoffs in the last three years that affected more than 200 people, and the outlet said it reached out to Polygon for details but did not receive an immediate response.

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