Scaling Solution Developer Polygon Labs Lays Off 19% of Workforce, CEO Says It’s Not for Financial Reasons
The developer behind the Polygon (MATIC) ecosystem is laying off 19% of its workforce, though the company’s chief executive says the staff shakeup isn’t due to financial reasons.
Marc Boiron, CEO of Polygon Labs, says in a new announcement that the company is letting go of 60 people to create “an efficient, surgical team with significantly less bureaucracy.”
Boiron argues Polygon’s growth during the last bull market “diluted” the team’s commitment to focus, diligence, efficiency and agility.
He says a smaller workforce will enhance collaboration across the Ethereum (ETH) scaling solution.
“This decision is not an easy one. Right-sizing for the sake of enhanced performance, rather than for financial reasons, may seem unconventional.
The reality is that achieving our mission often demands challenging decisions, and while difficult, the Founders and I agree that we must move forward in a thoughtful way that gives us the greatest chance to execute successfully.”
The CEO says laid-off employees will receive two months of severance and health insurance through the end of February, and employees who remain at the company will receive a pay bump.
MATIC is trading at $0.808 at time of writing. The 15th-ranked crypto asset by market cap is up more than 5.5% in the past 24 hours.
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