Polygon Labs cut off some of his staff this week. The company disclosed that the round of adjustments related to the forthcoming Coinme acquisition and that the subsequent acquisition team would be incorporated into the existing organization. CEO Marc Boiron states that the company is shifting its focus to payment operations and is planning to make a profit by 2027.
Retrenchment and acquisition are synchronized.
Boiron indicates on X that Polygon Labs is close to completing the acquisition of the encryption company Coinme. After the transaction is completed, the Coinme team will be directly integrated into the overall structure of Polygon Labs.
He stated that the staff adjustment was not a stand-alone cost reduction, but was driven by a reorganization of operations. Companies want to move from the way in which more sector-based block-chain infrastructure and ecological support operated in the past to a payment-centred business model.
The company says it's not a job cut.
Boiron states that the reason for the reduction was strategic change rather than staff performance. He stated that the block chain infrastructure team had different organizational needs from the paying company and that the company therefore needed to reconfigure its posts and staffing structure.
According to him, the affected staff will receive demobilization compensation and support for their placement. He also indicated that he would recommend out-of-service staff to other companies with recruitment needs.
The original expression triggered an outside inquiry.
Boiron explained that the company had chosen to move the reorganization forward now because the business itself was still growing. He mentioned that stable currency transactions and customer demand were at an all-time high, and Polygon’s chain of payments went online faster than the team had originally anticipated.
However, this expression also raises questions. It was pointed out that Polygon Labs had been a profit-making company and Polygon Foundation was a non-profit entity associated with chain governance and that the expression “from block chain foundations to payment companies” was therefore susceptible to misunderstanding.
Boiron subsequently added that it was intended to describe changes in the way the company operated, rather than changes in legal entities or corporate structures. He stressed that the focus of the adjustment was on moving from “operating like the Block Chain Foundation” to “operating like a block chain payment company”.