• Polygon, an Ethereum Layer-2 scaling solution, has announced that it is laying off 20% of its employees.
• The decision to cut the workforce comes as part of a company restructuring amidst the ongoing crypto winter.
• The company’s treasury remains healthy with a balance over $250 million and 1.9 billion MATIC tokens.
Layer-2 Scaling Solution Polygon Announces Layoffs
Ethereum Layer-2 scaling solution Polygon has announced that it will be laying off around 20% of its workforce as part of a wider company restructuring due to the ongoing crypto winter.
Impact on Employees
The layoffs are set to affect around 100 positions at the company, with impacted employees receiving three months‘ severance pay regardless of their tenure or level. As per Polygon co-founder Sandeep Nailwal, these changes would not impact the day-to-day operations and functioning of Polygon Labs.
Company Fundraising & Strategy
The announcement comes nearly a year after the layer-2 scaling solution had raised $450 million in a funding round led by Sequoia India. Polygon has consolidated multiple businesses under the Polygon Labs banner, with this move seen as part of their strategy for driving mass adoption web3 by scaling Ethereum over the next five years.
Healthy Treasury Balance
Polygon said that its treasury balance remains very healthy at over $250 million and more than 1.9 billion MATIC tokens, helping to crystallize their strategy for mass adoption going forward.
Despite laying off around 20% of its staff, Polygon still remains confident about its strategy for mass adoption going forward thanks to its strong treasury balance and consolidated teams under Polygon Labs