Polygon Labs is the latest cryptocurrency company to lay off employees and hop on the layoff bandwagon.
Cryptocurrency prices did indeed start off better in 2023, as most of them saw double-digit increases. However, the majority of tech behemoths and cryptocurrency companies started firing employees in preparation for an impending recession.
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Just in 2023, major companies like Spotify, Google’s parent company, Capital One, Microsoft, Amazon, Crypto.com, BlackRock, Coinbase, Goldman Sachs, Genesis Trading, and more will let go of staff. Polygon Labs joins the list and lays off 20% of its workforce.
Polygon’s decision affected 100 positions
The news regarding the layoff was made official by Polygon in one of its recent official announcements. The main reason cited by the company for the decision is the consolidation of multiple businesses under Polygon Labs.
The decision to slash 20% of its workforce, which affects 100 positions, was stated as a necessary measure by the team.
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“Our departing teammates have played a historic part in building the Polygon technology and ecosystem to be the globally recognized blockchain that it is today.”
The laid-off employees will also receive three months’ severance pay. Sandeep Nailwal, the co-founder of Polygon, also addressed the decision on his Twitter account.
Nailwal also mentioned that the treasury remains healthy with a balance of over $250,000,000 and over 1.9 billion MATIC.