Polygon Labs cuts staff by 20% in consolidation
Polygon Labs announced plans to reduce headcount by 20%, with about 100 staff affected. The founders claim its “treasury remains healthy, with a balance of over $250 million and more than 1.9 billion MATIC.” impacting multiple teams and about 100 positions," a company statement read.
Employees will received three months of severance pay, regardless of their level or time at the company, the statement read. Affected employees were told the same in an email seen by The Block, with further information regarding severance promised within 3 days. Bhumika Srivastava said the company hoped to capitalize on the misfortune of other companies in the space. Layoffs, which first affected the crypto industry in June of last year, have come across big tech and continued to affect crypto in the past few weeks.
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