Polygon Labs, the software development company known for Ethereum Layer-2 scaling solution Polygon, has recently announced that it will be cutting 20% of its workforce, which translates to about 100 job positions. This move is part of the company’s business consolidation strategy.
According to the company’s official statement, the consolidation of multiple business units under Polygon Labs has led to the decision to reduce their team by 20%. This decision affects multiple teams within the organization and a total of approximately 100 positions.
Despite this unfortunate development, the company has promised to provide three months of severance pay to affected employees, regardless of their level of tenure.
Polygon Labs acknowledges the difficulties that the decision to reduce staff will cause, and assures its remaining employees and clients of its commitment to continued growth and development.
Polygon Labs is not the only crypto company that has had to lay off employees due to current market conditions. Recently, Protocol Labs, the developer of Filecoin, cut 21% of its workforce, and ConsenSys, the developer of Metamask, let go of over 100 employees.
The market has also reacted to the news, with Polygon’s Matic token experiencing a 6.02% drop in the past 24 hours and trading at US$1.40 at 10:00 p.m. in Hong Kong, according to CoinMarketCap data.
Despite these challenges, Polygon Labs remains dedicated to its mission of developing innovative solutions for scaling blockchain technology.
The company believes that this decision will enable them to focus on the essential parts of their business and emerge stronger in the long run.