Polygon Labs, the driver of an eponymous protocol used by inventors to make Ethereum deals hastily and cheaper, on Tuesday said that it has laid off 20 of its pool, or around 100 workers, making it the rearmost digital asset establishment to execute job cuts. The layoffs come after Polygon Labs combined multiple business units before this time.
On 11 January, Polygon announced its commercial restructuring which now “ unifies all of our workers under a group of companies, appertained to as Polygon Labs.” This comes as the crypto assiduity faces the mass of the continued downturn. Before December, the company had also made adaptations to its community programs which saw sunsetting of subventions and winding down of its DAO or decentralized independent association. Polygon, primarily an open- source blockchain, also had Polygon Studios, its NFT, gaming and metaverse arm, associated with it. Under the new structure the name and brand “ Polygon Studios ” will be discontinued and Polygon Foundation, grounded in Cayman islets, will entirely enjoy the recently created Polygon Labs.
The laid off workers will admit three months of severance pay, anyhow of their position or term at the incipiency, it added. Innovated in 2017 by Anurag Arjun, Jaynti Kanani, Mihailo Bjelic and Sandeep Nailwal, Mumbai-grounded Polygon is a blockchain scalability platform. In the blog post, Polygon said that it has crystallised its strategy for the coming 5 times to drive mass relinquishment of Web3 by spanning Ethereum, and added that its storeroom remains healthy with a balance of over $ 250 Mn and over 1.9 Bn MATIC commemoratives.
The layoffs come nearly a time after Polygon raised $ 450 Mn in a backing round, led by Sequoia Capital India. The round also saw participation from over 40 major VC enterprises including SoftBank, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and others.