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Polygon Labs' acquisition of Coinme is in the final stage, and it has started layoffs
BlockBeats, July 16: Polygon Labs CEO Marc Boiron posted that the company’s acquisition of Coinme has entered its final stage. After the transaction closes, it will fold the Coinme team into Polygon Labs. This integration is part of a broader merger plan, aiming to make Polygon Labs profitable by 2027.
During the integration, Polygon Labs has today laid off several employees. Marc said the company is transitioning from a blockchain foundation to a blockchain payments company. The two types of organizations require different architectures and talent allocation, and this adjustment stems from a change in the company’s development direction, not from the quality of work of the employees who left.
He said Polygon Labs’ current revenue performance is strong: stablecoin trading volumes continue to set new highs, the customer pipeline is beyond expectations, and its on-chain payment solutions have also gone live quickly. The company will provide severance compensation and related support for affected employees.