What's Hot

    El Salvador Launches Bitcoin/Lightning Dev Training Office

    March 20, 2023

    Belgium Impose New Crypto Ads Rules

    March 20, 2023

    Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

    March 16, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      El Salvador Launches Bitcoin/Lightning Dev Training Office

      News March 20, 2023
      Recent

      El Salvador Launches Bitcoin/Lightning Dev Training Office

      March 20, 2023

      Belgium Impose New Crypto Ads Rules

      March 20, 2023

      Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

      March 16, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Polygon Labs Lays Off 20% Of Its Workforce 
    News

    Polygon Labs Lays Off 20% Of Its Workforce 

    Anietie DavidBy Anietie DavidFebruary 22, 2023No Comments2 Mins Read
    Polygon Labs Lays Off 20% Of Its Workforce 
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Polygon Labs axed 20% of its workforce after the company earlier said that it would increase headcount by 40%.

    Ethereum scaling platform Polygon Labs has shed about 100 jobs, or 20 percent of its workforce, the company announced on Tuesday. The job cuts come at a time when the crypto industry is suffering from the aftermath of crypto exchange FTX implosion and the ensuing downturn.

    “Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions,” the company said in a release.

    The cuts will affect employees in the US, Canada and India, where the majority of Polygon’s workforce is located.

    The blog post said the layoffs are the company’s next phase of consolidation after Polygon Labs built several business units, and not the result of the crypto winter, which has downsized several companies in recent months.

    While there was no talk of a job placement program, affected employees will receive three months’ severance pay, regardless of their previous role. According to the Post, Polygon is financially secure with about $250 million and $1.9 billion in its treasury. Matic is the multilateral network’s native token, used to pay transaction fees and to manage and secure the network.

    Polygon Labs Joins Crypto Layoffs Saga

    Polygon Labs is the latest crypto organization to lay off employees since the bear market began last year. Some of the most prominent names doing this are Coinbase, Kraken, Crypto.com, Blockchain.com, etc.

    Naiwal, Jaynti Kanani, and Anurang Arjun created the Polygon blockchain to run as an Ethereum sidechain after noticing congestion issues on Ethereum as collectors of CryptoKittie’s NFT collectibles flooded the network with transactions, causing outages and high gas fees. Sidechains run parallel to the mainchain to increase its transaction processing speed and efficiency.

    The trio won several notable successes, establishing Polygon as the NFT platform for several companies including Starbucks, Reddit, and Adidas. Luxury fashion house Dolce & Gabbana partnered with Polygon marketplace UNXD last year to give DGFamily Box NFT owners access to other D&G products.

    Blockchain Polygon Polygon Labs
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleZambia Explore Crypto Regulatory Framework 
    Next Article Paxos Cut Ties With Binance Amidst SEC Talks 
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    El Salvador Launches Bitcoin/Lightning Dev Training Office

    March 20, 2023

    Belgium Impose New Crypto Ads Rules

    March 20, 2023

    Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

    March 16, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.