Polygon Labs laid off 20% of its workers after previously announcing a 40% growth in manpower.
Polygon Labs declared that it would decrease its workforce by 20% while maintaining a solid cash position.
Furthermore, the layoffs occur just after the company announced ambitions to double its workforce by the end of 2022.
According to a news statement issued by Polygon Labs on Tuesday, February 21, 2023, the 20% reduction impacted 100 jobs. The release said, “Early this year, we combined various business groups under the Polygon Labs umbrella.” As part of this procedure, we are relaying the unfortunate news that our team has been downsized by 20%, affecting numerous teams and around 100 roles. “
Employees impacted by the layoffs will get three months of severance compensation “regardless of their level or employment at Polygon Labs,” according to the company.
Nevertheless, this new information comes four months after Polygon Labs announced its intention to expand its workforce.
According to the company’s spokeswoman Bhumika Srivastava, Polygon intended to increase its staff by 200 individuals by the end of 2022, a 40% increase.
With this new round of layoffs, Polygon Labs joins the ranks of other cryptocurrency firms that have reduced headcounts since the bear market began in January. Among the most renowned companies to do so are Coinbase, Kraken, Crypto.com, and Blockchain.com.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.