Polygon Acquires Coinme, Cuts Jobs in Shift to Payments

Polygon began as a prominent blockchain infrastructure foundation focused on improving Ethereum's performance. With demand for decentralized finance and consumer payments growing, the organization has decided to restructure as a blockchain payments company. The shift signals that a major blockchain player is moving beyond core infrastructure development into consumer-facing financial payment services, a change with far-reaching commercial implications for the broader cryptocurrency ecosystem.

As part of the strategy, Polygon Labs CEO Marc Boiron announced in July 2026 that the company would spend $250 million to acquire cryptocurrency exchange Coinme and wallet infrastructure platform Sequence. Polygon also launched a new round of layoffs as it transitions into a payments company. The cuts are its latest workforce reduction tied to business restructuring after eliminating more than 200 jobs over the preceding several years.