Polygon Labs announced that it will reduce its team by 20% while stating that the company maintains a robust treasury.
Meanwhile, the job cut comes shortly after the firm outlined plans at the end of 2022 to hire more employees.
- According to a press release on Tuesday (Feb. 21, 2023), Polygon Labs said the 20% slash affected 100 job positions. Part of the announcement read:
“Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions. This was a painfully hard decision, but a necessary step in our journey.”
- The firm added that employees affected by the layoffs will be paid a three-month severance pay “regardless of their level or tenure at Polygon Labs.”
- Meanwhile, the latest development comes four months after Polygon Labs stated it was planning to hire more employees.
- According to the firm’s spokesperson Bhumika Srivastava, Polygon aimed to add 200 people to its workforce by the end of 2022, which represented a 40% expansion.
- Thus, Polygon Labs became the latest crypto organization to reduce its headcount since the start of the bear market last year. Some of most prominent names to do so are Coinbase, Kraken, Crypto.com, Blockchain.com, among others.