Polygon Labs laid off a few of its staff this week as the corporate restructured itself round a payments-focused enterprise mannequin relatively than its earlier blockchain-based identification.
CEO Marc Boisron revealed the restructuring in a publish on X, tying the timing to Polygon Labs’ pending acquisition of Coinme. Boiron stated Polygon Labs is at present nearing completion of its acquisition of crypto firm Coinme and plans to include the acquired crew straight into the broader group as soon as the deal closes.
Boisron framed the merger and ensuing job cuts as a part of a associated effort to reposition Polygon Labs to realize profitability by 2027.
Boisron insists it isn’t a efficiency difficulty.
CEO Marc Boisron stated the layoffs mirrored a change in technique, not worker efficiency. In a press release, he drew a transparent distinction between how blockchain infrastructure works internally and the way payments-focused firms have to function, arguing that this modification requires not only a completely different product roadmap, however a very completely different staffing and organizational construction.
Affected staff will obtain job placement help along with severance pay, Boisron confirmed, including that he’ll personally vouch for departing staff to different firms trying to rent them.
pressure of timing delay
Boisron pointed to the energy of the underlying enterprise as a cause to behave now relatively than later. Boisron stated each stablecoin quantity and buyer demand are at an all-time excessive, noting that Polygon’s on-chain fee product was launched sooner than the crew anticipated.
He acknowledged this irony straight in his publish, declaring that most of the staff who left had been the identical individuals chargeable for constructing the momentum within the first place.
Backlash towards wording
Not everybody clearly understood Boisron’s clarification. One commenter, a builder and alleged enterprise founder, questioned this framework completely, declaring that Polygon Labs has at all times operated as a for-profit group, whereas the separate Polygon Basis is a nonprofit group that has traditionally been related to blockchain governance. He requested Boisron to make clear what “transitioning from blockchain-based to funds firm” really means given its company construction.
Mr. Boisron responded straight, clarifying that his unique wording was referring to the corporate’s practices. it really worksIt’s not a authorized or company construction change. Fairly than explaining the formal entity change, he emphasised the distinction between working like a blockchain-based firm and working like a blockchain-enabled funds firm.
