Decentralized Ethereum scaling platform, Polygon Labs, has slashed its staff capacity by 20%, affecting various teams and about a hundred staff. In addition, the crypto platform states that it has decided to consolidate multiple businesses under Polygon Labs.
This announcement comes months after Polygon’s head of human resources, Bhumika Srivastava, stated that the company would continue to hire new employees, regardless of the bear market. Srivastava said the company hoped to capitalize on the misfortunes of other companies and acquire new talents, especially in Web3.
But things took a different direction. Polygon stated it has witnessed exponential growth over the past few years and has become one of the strongest and largest ecosystems. However, the firm had to consolidate multiple business units earlier in the year, leading to the workforce reduction.
According to a statement by Polygon,
“The treasury remains healthy, with a balance of more than $250 million and more than 1.9 billion MATIC, and we have crystallized our strategy for the next several years to help drive mass adoption of web3 by scaling Ethereum.”
The crypto firm also acknowledged the affected employees, stating they all played historical parts in building Polygon’s technology and ecosystem to be a globally recognized blockchain. Additionally, Polygon reminded them that they were still part of the 0xPolygon community.
Also, each affected employee will receive a three months severance pay, regardless of the individual’s level or tenure.
Following this announcement, the Polygon token MATIC fell by about 3.6%, trading at about $1.40 in the past 24 hours.
