- Polygon Labs has reduced its headcount by 20 percent
- The platform has over $250 million on its balance sheet and nearly 2 billion MATIC
Polygon Labs has joined a string of crypto firms that have laid off their employees. The move comes despite Bitcoin (BTC) and other cryptocurrencies making bullish moves over the past few weeks. The company announced today that it has reduced its headcount by 20 percent, affecting multiple teams and nearly 100 positions.
A blog post on the layoff read,
“This was a painfully hard decision, but a necessary step in our journey. Our departing teammates have played a historic role in building the Polygon technology and ecosystem into the globally recognized blockchain it is today.”
MATIC will remain unaffected by Polygon Labs’ move
Additionally, Polygon Labs has not provided any reason that influenced this decision. However, it has given assurances that its “treasury remains healthy,” adding that its balance sheet is over $250 million and over 1.9 billion MATIC. According to CoinMarketCap, MATIC has not made any significant moves since the announcement.
Read Polygon [MATIC] Price prediction 2023-24
At press time, the coin was trading at $1.41 with a market cap of over $12 billion. The coin has seen a downtrend of over 5 percent over the past 24 hours. But there has also been an uptrend of over 18% in the last seven days.
In addition, Polygon Labs said the company would provide three months’ severance pay to those affected by the decision. In addition, this would be granted to former employees regardless of their level and seniority.
Polygon Labs’ decision comes days before the launch of the zkEVM mainnet
In particular, Polygon Labs decided to reduce its headcount just ahead of the long-awaited launch of zkEVM mainnet. The launch is scheduled for March 27, 2023. Additionally, Polygon co-founder Sandeep Nailwal recently released an update on Gains Network, a DeFi ecosystem of products on Polygon and Arbitrum.
The network would diversify Polygon’s offering with its low trading fees. Gains Network recently marked a milestone with over $25 billion in trading volume.
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