Polygon Labs Restructures Organizational Chart Post-Acquisition, 60 Employees Affected

Polygon Labs recently implemented a significant reorganization involving a reduction of 60 positions across various departments, according to a report from CoinDesk. This move was taken as part of the post-acquisition integration strategy of Coinme and Sequence valued at over $250 million, marking the company’s major effort to position itself as a key player in the onchain payment ecosystem.

Onchain Payment Strategy Demands Organizational Adjustment

The company behind this leading Ethereum scaling network is shifting its strategic direction toward a deeper focus on digital payments. This reorganization is not just about cost-cutting but a deliberate reallocation of resources to support Polygon’s mission to “move all money onchain.” These changes affect teams across various organizational divisions, reflecting the scale of transformation the company is undergoing.

CEO Marc Boiron acknowledged these adjustments, explaining that the restructuring is directly related to overlapping roles resulting from the integration of Coinme and Sequence into the Polygon Labs structure. Both acquisitions are integrated with the goal of strengthening the company’s payment capabilities and expanding product reach.

Integration of Coinme and Sequence: Challenges of Merging Two Organizations

Polygon Labs denies claims that these cuts represent a 30% reduction in total workforce. A company spokesperson clarified that the number of employees remains stable at around 200 after the integration process. “As we unify the employees from Coinme and Sequence, we have made adjustments to maintain a consistent overall team size,” said the company representative.

This strategy is designed to balance the addition of talent from the latest acquisition without increasing overall operational burden. The organizational adjustments aim to optimize functions and eliminate redundancies arising from the consolidation of two previously separate operations.

History of Adjustments: Polygon Labs’ Reorganization Pattern

This wave of adjustments is the third in the past three years for Polygon Labs. The company experienced a significant reduction early in 2023 when it laid off about 100 employees—representing 20% of its workforce at that time—as it consolidated several business units into a single integrated entity.

Exactly one year later, in February 2024, Polygon Labs implemented a second cut by releasing another 60 employees, accounting for 19% of the staff. The reduction was explained as an initiative to improve operational efficiency and overall organizational performance.

This recurring pattern demonstrates Polygon Labs’ ongoing commitment to optimizing its organizational structure as its mission and strategy evolve. Each round of adjustments relates to major strategic shifts in business focus.

Employee Support and Financial Health of Polygon Labs

Boiron emphasized that the company is fully committed to supporting affected employees during their transition process. “Our colleagues who will be leaving the company are extraordinary, and we are very grateful for their contributions to Polygon,” he wrote on the social media platform X.

Financially, Polygon Labs is in a strong position. The company maintains over $200 million in cash and holds more than 1.9 billion of its native MATIC tokens. This solid liquidity position provides flexibility to support strategic investments and long-term operations.

The MATIC token, Polygon’s native currency used to pay transaction fees, experienced a decline of about 6% in the 24 hours prior according to CoinDesk data, even though the broader crypto market index only fell 1% in the same period. This performance reflects market sentiment toward the ongoing strategic reorganization.

Positioning Polygon in the Global Payment Ecosystem

Polygon has grown into one of the most important scaling solutions for the Ethereum blockchain since its initial launch in 2017 as Matic Network. The network officially began operations in 2020 and uses a Proof-of-Stake consensus mechanism to ensure security and efficiency.

With a new focus on onchain payments and the integration of Coinme and Sequence, Polygon Labs is reshaping its competitive landscape in the decentralized fintech space. The ongoing reorganization is a critical step in transforming the infrastructure and capabilities of the organization to support this ambitious vision in the future.