Polygon Labs, a Crypto Company, is Laying Off 20% of its Staff

Polygon labs are laying off amidst the unification of businesses under their respective organizations

Polygon Labs, the company responsible for the Polygon blockchain network, has announced a 20% reduction in its workforce. As a result, 100 employees have been laid off and will receive three months’ worth of severance pay. Polygon labs are laying off, comes amidst a trend of layoffs in the cryptocurrency industry, despite a positive start to the year with double-digit price increases for most cryptocurrencies. The company’s key reason for the decision is the unification of many businesses under Polygon Labs.

Many large technology companies and crypto companies have begun to cut staff in anticipation of an economic downturn. Polygon is a crypto network based on proof-of-stake (PoS) consensus, which hosts a range of decentralized finance (DeFi) and non-fungible token (NFT) projects. In the past 24 hours, the network’s native token, MATIC, has experienced a 6% drop, with its value decreasing to approximately $1.40. This is a decline of more than 50% from its peak price of $2.92, which was recorded in December 2021.

Kurt Patat, the Vice President of Communications and Community at Polygon Labs, stated to Decrypt that although the entire company was affected, operations and marketing were the most impacted. However, the project is determined to maintain a high level of performance despite the setbacks.

As per sources, January 2023 was the foremost month for layoffs in the cryptocurrency industry. Almost 84% of that was made up of cryptocurrency exchanges, with researchers citing decreased trading volumes and earnings as the main causes. Just a handful of the well-known sites that let personnel go last month were Coinbase, Crypto.com, Huobi, and many others.

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