Polygon sacks 20% of staff, says it remains financially healthy

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.