Polygon Labs announced additional layoffs as it works to finalise the acquisition of cryptocurrency exchange Coinme.

Cointelegraph reported on July 16 that the move is part of a process to transform the company from a blockchain foundation into a blockchain-based payments company.

Marc Boiron (마크 보이런), Polygon Labs' chief executive, wrote on social media platform X (Twitter) that he would be parting ways with many colleagues. He said the job cuts were a restructuring driven by the company's transition, not a reflection of the abilities of those leaving.

Polygon announced the deal in January, disclosing plans to acquire Coinme and wallet infrastructure platform Sequence in a transaction worth $250 million. The layoffs were carried out as part of that deal.

Boiron said a blockchain foundation and a blockchain-based payments company operate differently, and that the transition would change the organisation's structure and the mix of talent needed. He added that the company is changing not only its products but also the way it is run.

This is not the first time Polygon has cut jobs. More than 200 people have been affected by layoffs Boiron announced over the past 3 years. The size of the latest round was not disclosed.