Polygon Labs laid off staff on Thursday, its second round of cuts in 2026, as chief executive Marc Boiron said the company is finishing its acquisition of crypto payments firm Coinme and remaking itself into a payments business.

“We are in the final stages of completing the Coinme acquisition, which will involve integrating that team into Polygon Labs, a move that will grow our organization as part of a broader merger exercise to position Polygon Labs to be profitable in 2027,” Boiron wrote on X. “As part of that process, this morning we made the difficult, but necessary, decision to say goodbye to many of our colleagues as we complete our transformation from operating as a blockchain foundation into operating as a blockchain-enabled payments company,” he added.

In January, the Ethereum scaling network paid roughly $250 million for two payments businesses: Coinme, a crypto exchange that launched in 2014, and Sequence, a wallet-infrastructure provider dating to 2017. Both are meant to anchor its Open Money Stack, which aims to make blockchain payments as easy to use as ordinary money transfers.

Polygon Labs reduced its workforce by about 20% in February 2023, trimmed 19% in 2024, and let go of 60 employees in January this year. Boiron did not disclose the number of staff affected in the latest round of layoffs.

“These changes are about the company we’re building, not the quality of the people leaving. A blockchain foundation and a blockchain-enabled payments company do not operate the same way,” Boiron said in his Thursday statement on X.

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Polygon Labs Cuts Staff a Second Time in 2026 as It Races to Close Coinme Deal

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