Polygon Labs CEO announces layoffs to become payments firm, finalize Coinme deal

Polygon Labs CEO Marc Boiron announced on X that the company has conducted significant layoffs as it finalizes its acquisition of Bitcoin ATM firm Coinme. Boiron described the move as a difficult but necessary decision made today as part of the company's transition from a blockchain foundation to a blockchain-based payments company. He explained that the two types of organizations operate differently, requiring changes in structure and talent. The acquisition is part of an effort for Polygon Labs to achieve profitability by 2027, and the existing Coinme team will be integrated into the company, Boiron added.