Polygon Seeks Finalize Coinme Acquisition Amid New Layoffs

Polygon Labs is undergoing another round of layoffs as it seeks to finalize its acquisition of Coinme, a cryptocurrency exchange. The company's CEO, Marc Boiron, announced on social media that many colleagues will be parting ways with the company.

The job cuts are a result of the company's transition from a blockchain foundation to a blockchain-based payments company, according to Boiron. This process will change the organization's structure and require a different mix of talent, he explained.

Polygon announced its plan to acquire Coinme and wallet infrastructure platform Sequence in January for $250 million. The acquisition is part of the company's efforts to expand its services beyond blockchain development.

This is not the first time Polygon has undergone layoffs, with over 200 people affected by job cuts over the past three years. While the size of the latest round was not disclosed, it marks another step in the company's restructuring efforts.