Polygon Labs Turns into Newest Firm to Slash Workforce With 100 Job Cuts

Polygon Labs introduced that it’s going to scale back its group by 20% whereas stating that the corporate maintains a sturdy treasury.

In the meantime, the job reduce comes shortly after the agency outlined plans on the finish of 2022 to rent extra staff.

• In accordance with a press launch on Tuesday (Feb. 21, 2023), Polygon Labs stated the 20% slash affected 100 job positions. A part of the announcement learn:

“Earlier this 12 months, we consolidated a number of enterprise models underneath Polygon Labs. As a part of this course of,  we’re sharing the tough information that we’ve decreased our group by 20% impacting a number of groups and about 100 positions. This was a painfully exhausting choice, however a needed step in our journey.”

• The agency added that staff affected by the layoffs will probably be paid a three-month severance pay “no matter their stage or tenure at Polygon Labs.”
• In the meantime, the most recent improvement comes 4 months after Polygon Labs said it was planning to rent extra staff.
• In accordance with the agency’s spokesperson Bhumika Srivastava, Polygon aimed so as to add 200 individuals to its workforce by the tip of 2022, which represented a 40% enlargement.
• Thus, Polygon Labs grew to become the most recent crypto group to cut back its headcount for the reason that begin of the bear market final 12 months. A few of most distinguished names to take action are Coinbase, Kraken, Crypto.com, Blockchain.com, amongst others.