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Polygon Labs eliminated a portion of its workforce this week as the firm reshapes itself around a payments-focused business model rather than its earlier identity as a blockchain foundation.
CEO Marc Boiron disclosed the restructuring in a post on X, tying the timing to Polygon Labs’ pending purchase of Coinme. Polygon Labs is nearing completion of its acquisition of crypto firm Coinme now, according to Boiron, with plans to fold the acquired team directly into the broader organization once the deal closes.
Boiron framed the merger and the accompanying layoffs as part of one connected effort: repositioning Polygon Labs to reach profitability by 2027.
Not a Performance Issue, Boiron Insists
CEO Marc Boiron says the cuts reflect strategy shifts, not employee performance. In his statement, he drew a sharp distinction between how a blockchain foundation functions internally versus how a payments-focused company needs to operate, arguing the shift demands different staffing and organizational structure altogether, not simply a different product roadmap.
Affected staff will receive severance pay plus career placement support as well, Boiron confirmed, adding that he personally intends to vouch for departing employees to other companies looking to hire.
Momentum Behind the Timing
Boiron pointed to underlying business strength as the reason for acting now rather than later. Boiron says both stablecoin volume and customer demand are hitting record highs, and he noted that Polygon’s onchain payments product launched faster than the team had anticipated.
He acknowledged the irony directly in his post, noting that many of the employees departing were the same people responsible for building that momentum in the first place.
Pushback Over Wording
Not everyone found Boiron’s explanation clear. One commenter, a builder identified as venturefounder, questioned the framing entirely, pointing out that Polygon Labs has always operated as a for-profit entity, while the separate Polygon Foundation is the nonprofit structure historically associated with blockchain governance. He asked Boiron to clarify what “moving from a blockchain foundation to a payments company” actually meant given that corporate structure.
Boiron responded directly, clarifying that his original wording referred to how the company operates, not a change to its legal or corporate structure. He emphasized the distinction between operating like a blockchain foundation versus operating like a blockchain-enabled payments company, rather than describing any formal entity change.