BlocksInform
Ethereum (ETH) layer 2 protocol Polygon (MATIC) revealed it has laid off about 20% of its staff, according to a Feb. 21 statement.
Polygon further stated that the reduction in employment affected approximately 100 jobs in the company. Affected employees would receive three months of severance pay in any position.
Earlier this year, we brought together a number of operational units under Polygon Labs. As part of this process, we are informing you that we have reduced the number of our team members by 20%, which has impacted several teams and 100 positions."
Polygon said he remains in good financial health, claiming he has a balance of more than $250 million and holds 1.9 billion MATIC chips - worth about $2.7 billion at present value.
Over the past year, several crypto firms have been forced to lay off part of their workforce due to the challenging macroeconomic conditions and the dramatic deterioration of the crypto market.
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