Polygon Labs said to have laid off 60 staff following new $250 million acquisition

Core Insights - Polygon Labs has laid off 60 staff following its acquisition of Coinme and Sequence for over $250 million, as the company shifts towards a payment-focused blockchain [1] - The layoffs are part of a restructuring process to integrate new acquisitions and maintain overall headcount, rather than a significant reduction in workforce [2][3] - CEO Marc Boiron stated that the restructuring is due to overlapping roles from the acquisitions, aiming to support Polygon's mission of "moving all money onchain" [4] Workforce Changes - The recent layoffs represent Polygon Labs' third major workforce reduction in three years, with previous cuts of approximately 100 employees in early 2023 and another 60 in February 2024 [3] - The spokesperson clarified that the company still has nearly 200 employees after the integration of Coinme and Sequence, refuting rumors of a 30% workforce cut [2] Financial Position - Polygon Labs remains well-funded, with over $200 million in treasury and more than 1.9 billion in MATIC tokens [5] - The MATIC token experienced a decline of about 6% over the last 24 hours, while the broader crypto market, represented by the CoinDesk20 Index, fell about 1% during the same period [7] Company Background - Polygon is a scaling solution for the Ethereum blockchain, designed to enable faster and cheaper transactions, utilizing a Proof-of-Stake consensus algorithm [6]