Ethereum (ETH) layer 2 protocol Polygon (MATIC) revealed it has laid off about 20% of its employees, based on a Feb. 21 assertion.
Polygon added that the job reduce affected about 100 positions within the agency. The affected staff would obtain three months of severance pay no matter their positions.
“Earlier this 12 months, we consolidated a number of enterprise models beneath Polygon Labs. As a part of this course of, we’re sharing the troublesome information that we’ve diminished our workforce by 20% impacting a number of groups and about 100 positions.”
Polygon mentioned it stays financially wholesome, stating that it has a steadiness of over $250 million and holds 1.9 billion MATIC tokens — price roughly $2.7 billion based on present worth.
Over the previous 12 months, a number of crypto corporations have been pressured to lay off a part of their workforce as a result of difficult macroeconomic circumstances and the dramatic deterioration of the crypto market.
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