Polygon Lays Off 30% Of Its Workforce To Refocus Its Crypto Strategy

Polygon surprises the crypto market with a radical decision. According to the firm, the move aims to redirect the company towards a new strategy focused on onchain payments via stablecoins. A strategic pivot that raises as many questions as it intrigues !

Polygon embarks on a major course change in its crypto strategy

Recently, Polygon invested 250 million dollars in acquiring Coinme and Sequence. The first is an American company specializing in crypto ATMs and the second, a platform focused on wallets and interoperability.

On the flip side, the company announces a spectacular workforce reduction. Nearly 30% of the employees have indeed left Polygon. The departures mainly concern duplicate positions from recently acquired companies.

To justify its approach, Polygon CEO Marc Boiron stated that the company now wishes to refine its mission around a single goal: moving all money to the blockchain. According to him, it is not at all a performance issue, but a structural one.

A sector trend beyond Polygon: chain restructurings in crypto

Polygon is not alone in this movement. Since 2022, several major players in the crypto market have opted for restructurings. Notably, Coinbase reduced its teams by 18%. The same goes for Binance with a thousand positions cut to remain agile.

In the case of Polygon, this is not a first. At the start of 2024, the firm had already divested Polygon Ventures and Polygon ID to refocus its activities. Today, it accelerates this pivot with enhanced resources and a clear ambition: to become the reference blockchain for onchain payments via stablecoins.

For crypto analysts, this dynamic reflects a paradigm shift: the crypto strategy is moving towards more concrete uses, such as instant value transfers.

In any case, Polygon is making a risky (but consistent) bet. It remains to be seen if this strategic choice will bear fruit against increasingly sharp competition in the crypto market.