Polygon Cuts Jobs Amid Coinme Acquisition and Transformation

Polygon Labs, led by CEO Marc Boiron, has announced additional layoffs as part of its acquisition of cryptocurrency exchange Coinme. The $250 million deal was announced in January for Polygon to acquire Coinme and wallet infrastructure platform Sequence.

The employee cuts follow previous rounds of layoffs affecting over 200 people in the last three years. According to Boiron, these changes are about transforming the company from a blockchain foundation into a blockchain-enabled payments company.

A key part of this transformation is changing how the company operates and the talent it needs. The move will likely require significant restructuring efforts.