Blockchain developer Polygon Labs has announced its second round of layoffs in 2026 as the company pushes ahead with a major overhaul of its business, shifting its focus from blockchain infrastructure to blockchain-powered payments.
The latest workforce reduction comes as Polygon finalises its acquisition of crypto exchange Coinme and wallet infrastructure provider Sequence. CEO Marc Boiron described the decision as difficult but necessary, saying the restructuring is intended to help the company integrate its new businesses and achieve profitability by 2027.
While Polygon did not disclose the number of employees affected, Boiron stated that impacted staff will receive severance packages, with some remaining temporarily to support the transition. He acknowledged that announcing two rounds of layoffs within a year would be challenging for employees but maintained that delaying the restructuring would have slowed the company’s long-term plans.
This is the second time Polygon has reduced its workforce this year. In January, the company cut jobs following its acquisition of Coinme and Sequence as part of an effort to maintain a stable overall headcount while integrating employees from the acquired companies into the organisation. The latest announcement signals that Polygon’s restructuring is continuing as it reshapes the business around a new strategic direction.
At the centre of that strategy is what Polygon calls the Open Money Stack, a payments infrastructure platform designed to make blockchain-based payments as seamless as traditional digital transactions. Rather than operating Coinme and Sequence as separate businesses, Polygon is integrating their technologies into a single ecosystem focused on digital payments and financial infrastructure.
The shift represents a significant change for Polygon, which built its reputation as one of Ethereum’s leading Layer 2 scaling networks. For years, the company focused on helping developers build faster and cheaper blockchain applications. It is now placing greater emphasis on payments, stablecoins and financial services, areas it believes will drive the next phase of blockchain adoption.
Boiron said the acquisitions and organisational changes are aimed at creating a leaner company capable of delivering payment products at scale while operating more efficiently. The company believes combining Coinme’s crypto exchange capabilities with Sequence’s wallet infrastructure will strengthen its position in the growing market for blockchain-based financial services.
Polygon’s latest move reflects a broader trend across the crypto industry. As the market matures, many blockchain companies are moving beyond infrastructure and speculative applications to focus on products with clearer commercial use cases. Payments, stablecoins and tokenised financial services have become key areas of investment as companies look for sustainable revenue streams.
The company has undergone several restructurings in recent years. It reduced its workforce by around 100 employees in 2023 and carried out another round of job cuts in 2024 as part of wider organisational changes. This year’s layoffs continue that pattern, though Polygon says the current restructuring is tied specifically to integrating its acquisitions and repositioning the business.
For Polygon, the latest layoffs underscore that its transformation into a payments-focused company is no longer a long-term ambition but an active strategy. As the integration of Coinme and Sequence nears completion, the company is betting that blockchain-powered payments will play a larger role in its future than competing solely as an Ethereum scaling platform.