Polygon Labs announced that it will reduce the number of employees by 20%, following other major crypto companies such as Coinbase. At the same time, they stated that the company still has strong finances.
Meanwhile, the layoffs come shortly after the firm outlined plans by the end of 2022 to hire more workers.
Based on the latest report released today, Polygon Labs announced a 20% layoff affecting 100 jobs. Part of the announcement states that:
” Earlier this year, we combined several business units under Polygon Labs. As part of this process, we shared the difficult news that we had to reduce our team by 20% impacting multiple teams and approximately 100 positions. This is a very difficult decision, but a necessary step in our journey.”
The firm added that employees affected by the layoffs will be paid three months' severance pay "regardless of their rank or tenure at Polygon Labs."
Meanwhile, the latest development comes four months after Polygon Labs said it plans to hire more employees. Turns out, the opposite happened.
According to the firm's spokesperson Bhumika Srivastava, Polygon aims to add 200 people to its workforce by the end of 2022, which represents a 40% expansion.
Thus, Polygon Labs became the latest crypto organization to reduce its headcount since the beginning of last year's bear market. Some of the most famous names to do so are Coinbase, Kraken, Crypto.com, Blockchain.com, among others.
