Cryptocurrency TrendsEthereum (ETH)NewsPolygon (MATIC)Web3

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.

📰 Also read:  Alert: OpenSea API Keys Leaked Amidst a Sea of Controversy

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.

📰 Also read:  Bankrupt FTX Plan Massive $3.4B Crypto Assets Sell-Off

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Biden's Crypto Tax Proposal Perceived as Attempt to Suppress  Crypto Adoption in US


Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Skip to content