Ethereum (ETH) Layer 2 protocol Polygon (MATIC) has revealed that it has laid off about 20% of its staff, according to information on February 21. statement.
Polygon added that the job cuts affected about 100 positions in the company. The affected employee will receive three months’ severance pay regardless of position.
“Earlier this year, we consolidated several business units under Polygon Labs. shared.”
Polygon said it remains financially healthy with a balance of over $250 million and holding 1.9 billion MATIC tokens.
Over the past year, difficult macroeconomic conditions and a dramatic deterioration in the crypto market have forced several crypto companies to lay off some of their employees.
The post Polygon lays off 20% of its staff and says its first appearance on CryptoSlate remains financially sound.
