Polygon lays off 20% of its staff

Web3 company Polygon has laid off 100 employees or 20% of its staff amid a prolonged crypto winter. “Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions,” the company said in a blog. The impacted employees will receive three months of severance pay. 

The company also added that the company treasury is ‘heathy’ with a balance of $250 million and more than 1.9 billion MATIC (Polygon’s cryptocurrency). Further, Polygon said that it has a strategy in place to drive mass adoption of web3 by scaling Ethereum. Polygon Labs’ cofounder Sandeep Nailwal tweeted that a big part of this strategy involves unifying all teams under Polygon Labs to drive growth.  

A big part of this strategy includes unifying all of our teams under Polygon Labs to drive more growth.

As part of this consolidation process, we’ve made the difficult decision to reduce our team by 20% impacting multiple teams and about 100 positions.

— Sandeep | Polygon Top 3 by impact (@sandeepnailwal) February 21, 2023

Nailwal also tweeted that he would be joining the company’s weekly Community call on Discord on February 22 to address queries from community members. 

I will be joining our weekly Community call in our discord tomorrow at 9am ET to address any doubts any community members might have.https://t.co/YRuBZoOhNn

— Sandeep | Polygon  Top 3 by impact (@sandeepnailwal) February 21, 2023

Just last year in February, Polygon had raised $450 million in a funding round led by Sequoia India, along with participation from over 40 major venture capital firms like SoftBank, Tiger Global, and Galaxy Digital. 

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