Polymarket trims workforce under investor pressure as Kalshi surges ahead

Polymarket trims workforce under investor pressure as Kalshi surges ahead

More than half of those affected were contractors, a source told Reuters. The cuts follow investor pressure on founder Shayne Coplan.

Polymarket now trails rival Kalshi in monthly trading volume and has added executives including former Amazon finance chief Warren Jenson as CFO.

Polymarket has cut jobs and ended contractor agreements, confirming a "company-wide reduction in force" email but not saying how many were affected.

More than half of those affected were contractors. The cuts follow investor pressure on founder Shayne Coplan.

Polymarket now trails rival Kalshi in monthly trading volume and has added executives including former Amazon finance chief Warren Jenson as CFO.

Prediction market platform Polymarket has cut jobs and ended contractor agreements as it reshapes its business amid investor pressure and growing competition from rival Kalshi.

The company confirmed the cuts but did not say how many people were affected, Bloomberg reported on Thursday. Polymarket said the changes involved “a lot of new hires, changes in personnel and letting some people go.”

It also confirmed that an email that has been circulating on X describing a “company-wide reduction in force” is real. More than half of those affected were contractors.

The cuts follow pressure from investors on founder Shayne Coplan to bring more discipline to the business, according to the report.

Polymarket has also made changes to its leadership team, naming former Amazon finance chief Warren Jenson as its first chief financial officer in September.

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The reorganization follows the reported dismissal of marketing chief Matthew Modabber in October after an internal probe into alleged misconduct.

Polymarket did not immediately respond to CoinDesk’s request for comment.

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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

#### DTCC adds Solana to Wall Street tokenization plans, targeting 2027 rollout #### Jupiter adds Anchorage-backed USDGO to its $1 billion Solana lending platform #### UK bank Griffin raises $20 million to expand into stablecoin payments

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