Polygon surprises the crypto market with a radical decision. According to the firm, the maneuver aims to redirect the company towards a new strategy focused on onchain payments via stablecoins. A strategic shift that questions as much as it intrigues!
In brief
- Polygon lays off 30% of its workforce to refocus its strategy on crypto payments.
- The firm is investing $250 million in Coinme and Sequence to build its Open Money Stack.
Polygon begins a major change of course in its crypto strategy
Recently, Polygon has invested 250 million dollars in the acquisition of Coinme and Sequence. The first is an American company specializing in crypto ATMs and the second, a platform focused on wallets and interoperability.
The downside of the situation is that the company announces a spectacular workforce reduction. Nearly 30% of employees have indeed left Polygon. The departures mainly concern duplicate positions from recently acquired companies.
To justify his approachPolygon CEO Marc Boiron said the company now wants to refine its mission around a single goal: moving all money to the blockchain. According to him, he This is not a question of performance.but of structure.
A sector trend that goes beyond Polygon: on-chain restructurings in crypto
Polygon is not not alone in this movement. Since 2022, several major players in the crypto market have opted for restructuring. We particularly mention Coinbase which reduced its teams by 18%. Same thing 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 sold Polygon Ventures and Polygon ID in order to refocus its activities. Today, it is accelerating this pivot with reinforced resources and a clear ambition: become the reference blockchain for onchain payments via stablecoins.
For crypto analysts, this dynamic reflects a paradigm shift: crypto strategy is moving towards more concrete uses, such as instant value transfers.
In any case, Polygon is taking a risky (but consistent) bet. It remains to be seen whether this strategic choice will bear fruit in the face of ever sharper competition on the crypto market.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
