Polygon sacks 20% of staff, says it remains financially healthy News ▸ Polygon ▸ Bear Market
Polygon sacks 20% of staff, says it remains financially healthy
Polygon has a balance of over $250 million and holds 1.9 billion MATIC tokens — worth roughly $2.7 billion according to current value.
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Updated: Jul. 29, 2023 at 4:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum (ETH) layer 2 protocol Polygon (MATIC) revealed it has laid off about 20% of its staff, according to a Feb. 21 statement.
Polygon added that the job cut affected about 100 positions in the firm. The affected employees would receive three months of severance pay regardless of their positions.
“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.”
Polygon said it remains financially healthy, stating that it has a balance of over $250 million and holds 1.9 billion MATIC tokens — worth roughly $2.7 billion according to current value.
Over the past year, several crypto firms have been forced to lay off part of their workforce due to the challenging macroeconomic conditions and the dramatic deterioration of the crypto market.
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Posted In: Polygon, Bear Market
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.