Polygon Labs CEO Marc Boiron announced on X on July 17 that it is launching another round of layoffs, saying Polygon will “say goodbye to many colleagues,” and will officially begin its transition from the Blockchain Foundation to a “blockchain payments company.” Boiron explained that this does not mean the colleagues who are departing are not up to par; rather, the company being built needs something different. This means changing the organizational structure and talent requirements, not just changing products.
Marc Boiron statement: organizational differences between the Blockchain Foundation and a payments company
In a statement on X dated July 17, 2026, Marc Boiron directly described the nature of this layoff: the Blockchain Foundation and a payments company have different operating models, and transitioning into a payments company means it needs a different organizational structure and talent allocation. Boiron’s quoted text says: “This does not mean the colleagues we are letting go aren’t good; it’s that the company we are building needs something different. This means changing the organizational structure and talent needs, not just changing the product.”
As of the time of reporting, the specific number of people affected and which teams will be impacted have not been disclosed.
The business logic behind the $250 million acquisition
Polygon completed two acquisitions totaling $250 million in Jan. 2026, aiming to shift its business focus from Ethereum Layer2 to crypto payments and wallet infrastructure.
Coinme is the first U.S. company to deploy crypto payments at the checkout counters of chain supermarkets. After it underwent bankruptcy reorganization in 2024, it has since transitioned into a business focused on payment processing.
Sequence is Polygon’s in-house wallet development tools platform, responsible for providing wallet infrastructure for DApp developers. The two acquisitions complement each other and form the core of Polygon’s payments footprint.
The scale and timeline of three rounds of layoffs from 2023 to 2026
Over the past three years, Boiron has announced multiple rounds of layoffs, cumulatively affecting more than 200 employees. The timing and scale of each round are as follows:
Feb. 2023: Layoffs of more than 100 people, about 20% of headcount; at the time, Polygon still held 1.9 billion MATIC tokens and $250 million in cash
Feb. 2024: Another 60 people laid off, about 19% of headcount
July 2026: The latest round of layoffs; as of the time of this report, the exact number has not been disclosed
FAQ
How many people does this round of layoffs at Polygon involve, and which teams are affected?
As of July 17, 2026, Polygon has not publicly disclosed the exact number of people affected by this layoff or which teams are impacted. Polygon has also not responded to CoinTelegraph’s relevant inquiries; the latest information will be based on Polygon’s official announcements.
Why did Polygon acquire Coinme and Sequence in Jan. 2026 at the same time?
According to Polygon’s public explanation, the $250 million dual acquisition is intended to shift its business focus from Ethereum Layer2 to crypto payments and wallet infrastructure: Coinme provides an entry point into real-world retail payment scenarios, while Sequence is a wallet development tools platform; together, they form the core of Polygon’s payments footprint.
How many people has Polygon laid off over the past three years cumulatively?
Based on records of Marc Boiron’s prior announcements, Polygon has cumulatively laid off more than 200 people from Feb. 2023 to July 17, 2026, carried out in three rounds: more than 100 people in Feb. 2023 (about 20%), 60 people in Feb. 2024 (about 19%), and the latest round in July 2026 (the exact number has not been disclosed).
