Polygon Labs announces second round of 2026 layoffs as it targets profitability in 2027
On July 16, 2026, Polygon Labs CEO Marc Boiron announced the company's second round of layoffs for the year. This move, described as "difficult, but necessary," is part of a strategic shift to transition into a "blockchain-enabled payments company" as it finalizes its acquisition of Coinme. These layoffs mark the fourth workforce reduction since February 2023, following earlier cuts of 60 staff after the $250 million acquisitions of Coinme and Sequence in January 2026.
The restructuring aims to support the vision for the Polygon Open Stack, focusing on enabling seamless on-chain money transfers. Polygon Labs clarified its distinction from the Polygon Foundation, which handles network upgrades and the ecosystem.
Meanwhile, the native token POL has struggled, down approximately 94% from its all-time high and 56% from a January peak. While some technical indicators showed short-term buying pressure in July, a sustained price recovery is contingent on increased network utility and organic token demand, requiring a move above $0.095 to shift the longer-term bearish trend.
ambcrypto07/16 21:11
