By Kimberly Crain
The US-based tech firm Polygon Labs plans to reduce 20% of its consolidated team. The tech firm issued a report on February 21 revealing plans to dismiss 100 employees working in the business consolidation unit.
The report acknowledged the contribution of the dismissed employees in building the Polygon Labs infrastructures and increasing the company’s market dominance.
Polygon Labs Laying Offs
Over the past, Polygon Labs has made purposeful moves in the crypto space gaining global recognition. A recent update from Polygon Labs group revealed that the company holds a healthy treasury of $ 250 million and owns $1.9 billion on its native token MATIC. The company announced plans to invest more in the Ethereum ecosystem to push the adoption of Web3 projects higher.
The February 21 report revealed that the company had restructured its consolidated business unit to operate under the Polygon Labs in January. Based on the report, the tech firm announced plans to downsize.
As per the report, the company management regretted dismissing 100 employees from the consolidated department who had demonstrated dedicated effort toward the company’s growth.
Also read:Polygon Labs Next Move
Besides the layoff, Polygon Labs confessed to taking action to support the affected team by compensating them with severance pay. The dismissed workforce will join the OxPolygon community, a platform that provides financial support to the Polygon team.
A few months ago, the company’s human resource manager Bhumika Srivastava announced a 40% headcount increase. Srivastava’s statement revealed that Polygon attempted to gain a competitive edge amid market recovery.
Undeniably, the FTX implosion that plunged high-profile crypto firms into the liquidity crisis has prompted the companies to reduce their expenses and survive the sluggish market. Since last year the crypto firms have continued to battle price fluctuation and spiking interest rates.
The regulators are prioritizing formulating stricter crypto regulations to flee non-compliant firms and safeguard the investor interest.
At the time of writing 17:12 UTC, the ninth largest crypto asset Polygon MATIC is exchanging hands at $ 1.39 a 4.60% drop in a day. Polygon MATIC trading volume is at $772,048,409 witnessing 6.12% increase in the last 24 hours.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.