Polygon Labs Reducing 20% Workforce in its Consolidated Unit
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.
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.
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