Polygon cuts jobs during Coinme transition
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- Polygon Labs reduced staff as Coinme took over Polygon ID.
- The company said the move supports a sharper business focus.
- Coinme will continue developing Polygon ID under the transition agreement.
Polygon (CRYPTO:POL) developer Polygon Labs has cut jobs as Coinme assumed responsibility for Polygon ID under a new transition agreement.
The company did not disclose the number of affected employees, while Coinme said it will continue building the digital identity platform.
"This transition allows us to focus on our core priorities while ensuring Polygon ID continues to grow," said Polygon Labs co-founder Sandeep Nailwal.
Polygon Labs said Coinme will oversee future development of Polygon ID, while the company continues focusing on blockchain infrastructure and scaling technology.
The companies said the agreement is designed to provide long-term support for Polygon ID as digital identity demand grows.
Polygon has recently increased its focus on scaling solutions, institutional blockchain adoption and zero-knowledge technology.
The latest restructuring reflects broader cost controls across the crypto industry as companies concentrate resources on core products.
At the time of reporting, Polygon price was $0.0815.