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Crypto
Polygon CEO announces more layoffs as it seeks to finalise Coinme acquisition
Polygon Labs has announced additional layoffs as it works to finalise its acquisition of cryptocurrency exchange Coinme. Cointelegraph reported the move is part of a shift from a blockchain foundation to a blockchain-based payments company. CEO Marc Boiron said on X that the cuts reflect a restructuring tied to the transition, not the capabilities of departing staff. Polygon disclosed plans in January to acquire Coinme and wallet infrastructure platform Sequence in a $250 million deal.
Crypto
Polygon seeks up to $100 million investment, targets stablecoin payments business
Polygon Labs is negotiating to raise up to $100 million to build a stablecoin payments business, The Information reported, citing people familiar with the matter. Instead of selling Polygon tokens, it plans to sell $50 million to $100 million worth of equity in the new venture. The business aims to generate revenue from transaction fees and increase transaction volume on the Polygon blockchain, competing with Stripe, Coinbase and others.
Crypto
Polygon Labs cuts 30 percent of staff, shifts to stablecoin payments
Polygon Labs is reported to have cut about 30 percent of its workforce as part of a broad organisational restructuring. There has been no official announcement, but some employees and ecosystem participants posted news of departures on social media. Industry watchers link the move to Polygon\'s recent acquisitions of U.S.-based digital payments firm Coinme and wallet infrastructure provider Sequence, as it pushes to expand its stablecoin payments ecosystem.
