Polygon Labs Restructures Staff Following $250M Strategic Acquisitions

Polygon Labs, the developer of the Ethereum scaling network, is moving forward with its staff reorganization in the wake of acquiring Coinme and Sequence for over $250 million. A source with knowledge of the matter confirmed that approximately 60 staff members were impacted across various departments as the company integrates the newly acquired teams into its operations.

Clarifying the Staff Adjustment Amid Rapid Growth

Reports emerged this week suggesting a 30% reduction in workforce, though a company representative refuted these claims. The organization stated it remains well-staffed with nearly 200 personnel after incorporating employees from both acquisitions. According to the spokesperson, the staff modifications represent part of a deliberate restructuring process designed to maintain consistent overall headcount while absorbing new team members from recent deals.

“Ahead of integrating staff from Coinme and Sequence into Polygon Labs, we’ve made adjustments to keep our overall headcount consistent,” the representative explained. “These changes are intended to balance additions from recent acquisitions, not to reduce the size of the company.” The company is transitioning toward a payments-focused blockchain model, with the staff reductions distributed across multiple business functions rather than concentrated in any single department.

Integration of Coinme and Sequence Teams Drives Organizational Changes

The latest restructuring aligns with Polygon’s strategic pivot into blockchain-enabled payment solutions. CEO Marc Boiron acknowledged the transition on social media, stating that overlapping responsibilities emerged from combining the two acquired teams. He emphasized the company’s commitment to its workforce while managing the integration challenges.

“Our staff members who are departing are exceptional, and we’re deeply grateful for everything they’ve contributed to Polygon,” Boiron stated. “We’re committed to actively supporting them through this transition.” The reorganization aims to support Polygon’s broader mission of “moving all money onchain,” with the integrated teams working toward unified objectives under a streamlined structure.

Pattern of Staff Reductions Over Three Years

This marks the third significant workforce adjustment for Polygon Labs within a three-year span. In early 2023, the organization reduced its staff by approximately 100 positions, representing roughly 20% of its workforce at that time, as it consolidated multiple business units. This was followed by another 60-person reduction in February 2024, accounting for approximately 19% of staff levels, which management attributed to operational efficiency improvements.

The recurring nature of these staff adjustments reflects the organization’s ongoing effort to align its workforce structure with evolving business priorities and market conditions. Each restructuring phase has been tied to specific strategic initiatives—from consolidation to integration to payments pivot.

Management Commitment to Departing Staff and Market Position

Despite the staff reductions, Polygon Labs emphasized its financial stability. The company maintains over $200 million in treasury reserves and holds more than 1.9 billion MATIC tokens, positioning it to weather market volatility and fund ongoing development initiatives. The organization’s robust balance sheet provides confidence in its ability to support affected staff members during transition periods.

Polygon, launched as the Matic Network in 2017 and activated in 2020, operates as a scaling solution for Ethereum using a Proof-of-Stake consensus mechanism. The native MATIC token serves as both transaction currency and staking asset on the network. Following the announcement, MATIC experienced market pressure consistent with broader cryptocurrency trends, while the wider industry gauge, the CoinDesk20 Index, reflected similar headwinds.

The company’s pivot toward payment infrastructure and expanded treasury position suggest Polygon Labs is positioning itself for next-phase growth despite the near-term staff adjustments required to integrate its recent acquisitions.