The Polygon Blockchain developer, Polygon Labs on Tuesday announced it has laid off 20% of its staff, numbering about 100 people. As disclosed by Polygon Labs co-founder Sandeep Nailwal, the layoff is part of its organizational restructuring and has consolidated multiple businesses under Polygon Labs. The business consolidation according to the co-founder happened earlier this year.
In a statement, Nailwal noted that the Polygon treasury “remains healthy” with a balance of more than $250 million and more than 1.9 billion of its native token, Matic. “We have crystalized our strategy for the next several years to help drive mass adoption of Web3 by scaling Ethereum”, he said.
Also, each of the impacted employees will receive three months of severance pay, irrespective of their position or duration at Polygon Labs, Nailwal said. Other founders of Polygon Labs include Jaynti Kanani and Anurag Arjun.
Moreso, before the FTX event in November 2022, Polygon was open to hiring employees and planned on adding about 200 others to its workforce by the end of 2022.
By market capitalization, Matic ranks as one of the top ten cryptocurrencies. By the same month last year, Polygon raised $450 million via venture capitalist investment, where Matic was issued to about 40 marquee venture capitalist investors, including Sequoia capital. This contributed to the Matic price surge, but as the crypto downtrend has continued, the price has fallen below what it was last year in February.
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