Polygon Labs layoffs — Feb 22, 2023

Polygon Labs cuts staff on February 22, 2023 amid crypto market weakness

Polygon Labs said it was cutting staff as part of a broader response to market conditions, according to a report published on February 22, 2023. The company did not disclose the number of jobs cut or the percentage of its workforce affected in the source material.

DL News reported that Polygon Labs was cutting 20% of its workforce, though the snippet provided here does not include that figure in the editorial summary. The article said the move came after the company had previously announced plans to expand staff by 40%, and that the reduction followed a company-wide consolidation of “multiple business units.”

Polygon Labs is an Ethereum scaling platform, operating as a layer-2 network. In the DL News report, the company said employees would receive severance pay regardless of role or tenure at the company. The source also noted that the layoffs were part of broader weakness across the crypto market.

No additional details were provided in the source text about future hiring plans or further restructuring. The report framed the move as part of a wider industry downturn affecting multiple crypto companies.

Sources: DL News, Google News