Polygon Labs stated that the company maintains a strong treasury while announcing a 20% staff reduction. The company announced plans to hire more staff at the end of 2022, thus, the employment reduction occurs soon after that.
Tuesday (Feb. 21, 2023) saw a press release from Polygon Labs stating that the 20% cut affected 100 job positions. The announcement said, in part:
“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 company also stated that layoff victims will receive a three-month severance package “regardless of their level or tenure at Polygon Labs.”
The most recent development, meanwhile, comes four months after Polygon Labs announced it would be expanding its workforce.
By the end of 2022, Polygon planned to increase its staff by 200 workers, or 40% more, said the company’s spokesperson, Bhumika Srivastava.
Thus, Polygon Labs became the most recent cryptocurrency company to decrease its workforce since the bear market’s inception last year. Among the most well-known companies to accomplish this are Coinbase, Kraken, Crypto.com, and Blockchain.com.
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