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.
