Polygon Labs has undergone layoffs as it shifts focus to a payments-first strategy centered around stablecoin rails and the “Open Money Stack.” This comes after a deal to acquire Coinme and Sequence for up to $250 million. The company did not disclose the number of roles cut, but sources suggest up to 30% staff reduction due to post-acquisition integration.

Polygon CEO Marc Boiron stated that the acquisitions are part of a broader effort to narrow the company’s focus on moving all money onchain. The Coinme and Sequence deals bring expertise in regulated payments, wallets, and interoperability. The company aims to become the leading payments-focused blockchain company by consolidating some overlapping roles.

The recent layoffs at Polygon reflect a structural shift, not performance-based cuts. Total headcount is expected to remain similar after the changes. Former employees confirmed their departure but expressed optimism about Polygon’s future. The company is committed to supporting the transition for departing staff, acknowledging the challenges of growth and restructuring.

Polygon’s layoffs are part of a trend in the crypto industry, with other major firms like Coinbase and Binance undergoing workforce reductions in recent years. These moves aim to streamline operations and enhance focus. Mantra, a real-world asset-focused protocol, also announced layoffs as part of a restructuring push, aligning with an industry-wide trend of cost discipline and consolidation amidst recovering onchain activity.

Read more at Cointelegraph: Polygon Trims Workforce Amid $250M Open Money Stack Payments Pivot