Polygon Labs is reported to have overhauled its organisational structure and cut about 30 percent of its total workforce. There has been no official announcement, but some employees and ecosystem participants posted news of departures on social media. The industry is also interpreting the move as tied to the acquisitions of Coinme and Sequence.
Polygon recently acquired U.S.-based digital payments company Coinme and wallet infrastructure provider Sequence in succession, accelerating efforts to expand its stablecoin payments ecosystem. Coinme and Sequence have cash-to-digital asset on-and-off ramp functions and developer-friendly wallet technology, respectively.
Polygon is preparing to leap into a global payments network through these acquisitions. In response, it appears to have adjusted staffing in overlapping areas and redeployed strategic resources. Polygon has yet to state an official position on the scale or reasons for the restructuring.
Chi-gyu Hwang
delight@d-today.co.kr