Polygon Labs Layoffs Confirmed With 19% Workforce Cut

Key Points:

• Polygon Labs trims its staff by 19%, letting go of 60 employees as part of a restructuring effort.
• The Polygon Labs layoffs coincide with a recovering crypto industry in 2023.
• The company assures affected staff of two months of severance and health benefits, emphasizing a positive outlook amid challenges.

Polygon Labs has undergone a significant workforce reduction, with the company confirming a 19% cut in personnel on Thursday.

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Polygon Labs Layoffs: 19% Reduction and Autonomy for Ventures

Polygon Labs CEO Marc Boiron revealed that 60 employees have been laid off, emphasizing that Polygon Ventures, now operating independently as P2 Ventures since late 2023, and the Polygon ID team will function autonomously in the coming months.

Amidst the Polygon Labs layoffs, the company assures impacted team members of two months’ severance and health benefits until the end of February in applicable locations.

Boiron acknowledged the challenge this decision poses to individuals but expressed optimism about the company’s future. He sees a resilient team prepared to vigorously advance the development of crucial software and foster the surrounding ecosystem.

Polygon Labs layoffs unfold against the backdrop of a recovering crypto industry following a challenging 2023. Boiron acknowledged the difficulty in envisioning a positive future amidst current challenges but conveyed his excitement for the team’s determination and quality, emphasizing their readiness for aggressive pursuit in software development and ecosystem growth.

Polygon, originally founded as Matic in 2017 and rebranded in February 2021, aims to enhance accessibility to the digital coin Ethereum through its decentralized platform.

In parallel news, global payments firm PayPal is contemplating a workforce reduction, with CEO Alex Chriss disclosing plans to cut about 2,500 jobs, constituting 9% of its global workforce in 2024, as outlined in a letter on January 30.