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Polygon Labs slashes nearly 19% of its workforce for enhanced performance

01:20 AM Feb 03, 2024 IST | IANS
polygon labs slashes nearly 19  of its workforce for enhanced performance
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New Delhi, Feb 2: Polygon Labs, the team focused on building the layer-2 blockchain Polygon, has laid off about 19 percent of its workforce, or 60 employees.

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In a blog post shared on Thursday, the company's CEO Marc Boiron, cited that the job cut comes "for the sake of enhanced performance, rather than for financial reasons."

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"We’ve made the difficult, but necessary, decision to say goodbye to 60 teammates, roughly 19% of the team," Boiron said.

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"When I started the role of CEO, I pledged to make you all the happiest employees in the world. While that goal will never cease to be my North Star, it pains me that I failed to make that happen for many of our teammates," he added.

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The company also shared that the team behind Polygon ID will be exiting the company in the coming months.

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Polygon stated that individuals who were not affected by the layoffs would receive at least a 15 percent rise in overall compensation and that geo-pay models would be eliminated.

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Those laid off will receive two months' severance pay and health benefits through the end of the month, if applicable, the company said.

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The latest round of layoffs comes less than a year after Polygon reduced its workforce by 20 percent in February last year as part of a restructuring.

Last month, Jack Dorsey's fintech firm Block, whose subsidiaries include Square, Cash App, and Afterpay, reportedly laid off approximately 1000 employees or 10 percent of its workforce.

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