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Crypto giant Polygon Labs latest to join layoff trend in 2023

Meta reportedly plans to downsize staff in metaverse silicon unit

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TL;DR

  • Polygon Labs, a prominent player in the cryptocurrency market, has recently announced that it will be laying off 20% of its workforce.
  • Polygon has cited the layoff as necessary to ensure the company remains healthy and competitive in the market.

Polygon Labs, a prominent player in the cryptocurrency market, has recently announced that it will be laying off 20% of its workforce, which translates to 100 positions. This decision follows a trend among other major companies like Spotify, Google’s parent company, and Amazon, which also let go of their staff in preparation for an impending economic downturn.

While the news of these layoffs may come as a surprise, it’s important to note that the decision was made in light of Polygon’s consolidation of multiple businesses. The team at Polygon has cited this as a necessary measure to ensure the company remains healthy and competitive in the market.

Polygon’s employees who have been laid off will be given three months’ severance pay. Sandeep Nailwal, the company’s co-founder, also spoke about the decision in a statement on his Twitter page.

Despite the layoffs, Polygon’s treasury remains in a solid financial position, with a balance of over $250,000,000 and more than 1.9 billion MATIC. In his tweet, Sandeep Nailwal expressed the company’s commitment to maintaining its financial stability while continuing to innovate in the crypto space.

While these layoffs are undoubtedly difficult for those affected, Polygon’s decision reflects the realities of a constantly evolving market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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