Polygon Labs Simplifies Operations Team, Extends Focus on Payment Ecosystem

Entering a new phase of business strategy, Polygon Labs announced a significant restructuring of its organization by reducing 60 team members across various divisions. This move was made as part of internal integration efforts following the acquisition of two payment technology companies, Coinme and Sequence, in a $250 million transaction completed last January.

Internal Transformation Following Strategic Acquisition

This workforce adjustment is a logical consequence of merging the Coinme and Sequence teams into the Polygon Labs structure. The company explained that this adjustment is not intended to reduce operational scale but to eliminate role duplication arising from the new acquisition integration. The total number of Polygon Labs employees currently reaches nearly 200, a relatively stable figure despite changes in team composition.

A company spokesperson stated that this restructuring step is designed to maintain efficiency while accommodating the addition of human resources from both acquired companies. “Ahead of integrating employees from Coinme and Sequence, we have made adjustments to keep the total number of employees consistent,” he said. The main focus of this reorganization is to balance growth from the acquisition without increasing operational burden.

CEO Marc Boiron also acknowledged these changes, stating that role overlaps create the necessity for adjustments. The newly joined teams are being consolidated to support Polygon’s vision of “moving all money onchain,” an ambitious initiative to integrate traditional financial transactions into the blockchain ecosystem. Boiron expressed appreciation for the contributions of departing employees, promising full support during their transition.

Ongoing Adjustment Pattern: Three Waves in Three Years

This workforce reduction marks the third milestone in a series of adjustments made by Polygon Labs over the past three years. This pattern of reduction reflects the company’s journey in optimizing organizational structure amid changing business strategies.

In early 2023, Polygon Labs carried out its first reduction by laying off around 100 employees, representing 20 percent of the total workforce at that time. The cut was made in the context of consolidating several business units into a single integrated entity. A year later, precisely in February 2024, the company conducted a second round by reducing another 60 people, equivalent to 19 percent of the staff at that time. This second reduction was explained as a strategic step to improve operational efficiency and overall organizational performance.

With this latest adjustment, Polygon Labs has undergone a profound structural transformation, reflecting a commitment to continuous optimization and adaptation to the dynamic market conditions.

Financial Foundation Remains Strong Amid Reorganization

Despite organizational changes, Polygon Labs’ financial position remains relatively stable. The company maintains over $200 million in cash and assets in the form of over 1.9 billion MATIC tokens. This strong financial resource availability provides a solid foundation to support expansion strategies into the blockchain payment sector.

Polygon itself functions as a scaling solution for the Ethereum network, designed to facilitate faster and more cost-effective transactions compared to the main Ethereum chain. This technological infrastructure adopts a Proof-of-Stake consensus mechanism and uses the native MATIC token for transaction fees and staking rewards. The network was first launched in 2017 under the name Matic Network and achieved full operation in 2020.

In the near term, the MATIC token experienced market pressure with about a 6 percent decline within 24 hours, while broader crypto market indicators showed a 1 percent contraction. Nevertheless, ongoing acquisition and restructuring strategies are considered long-term investments to strengthen Polygon’s position in the evolving digital payment ecosystem.