Polygon Labs announced a 20% reduction in its staff, while maintaining a strong treasury.
The job cuts come shortly after the company had announced plans to hire more employees at the end 2022.
- According to a Press release Polygon Labs announced that the 20% reduction had affected 100 jobs on Tuesday, February 21, 2023. The announcement included the following:
“In the beginning of this year, multiple business units were consolidated under Polygon Labs. We are sharing with you the sad news that our team has been reduced by 20%. This will have an impact on multiple teams and approximately 100 positions. Although this was a difficult decision, it was an important step on our journey.
- According to the firm, employees who are affected by the layoffs “regardless their tenure or level at Polygon Labs” will receive a three month severance payment.
- The latest development comes four years after Polygon Labs announced it would hire more employees.
- Bhumika Srivastava (firm spokesperson) stated that Polygon had a goal to increase its workforce by 200 people by 2022. This represented a 40% increase.
- Polygon Labs was the latest cryptocurrency organization to cut its staff since the bear market began last year. Among the most notable names are Crypto.com and Blockchain.com as well as Coinbase and Kraken.