Polygon Labs Announces Laying Off 20 Percent Of Employees

JAKARTA - Polygon Labs, a crypto company based in the United States, has announced that it will reduce its team size by 20 percent.

This decision was taken after the company outlined plans by the end of 2022 to hire more employees. In a press release issued on Tuesday 21 February 2023, Polygon Labs stated that the employee reduction will affect 100 job positions. However, the company insists that they have strong finances.

Polygon Labs consolidated several business units under the company umbrella earlier this year, which left them with the difficult decision to reduce their team by 20 percent.

In its statement, the company called the layoffs a necessary step in their journey. In addition, Polygon Labs promises to provide three months of severance pay to employees affected by layoffs, regardless of their level or length of service in the company.

Polygon Labs previously planned to hire more employees by the end of 2022, which would represent an expansion of the company by up to 40 percent. However, a few months after announcing the expansion plans, the company made the decision to downsizing its team.

Polygon Labs is not the only crypto company that has had to reduce the number of employees due to the bear market that occurred since last year. Coinbase, Kraken, Crypto.com, Blockchain.com, and other crypto companies are doing the same.

Although reducing employees is not always a bad sign for a company, Polygon Labs still has to ensure that its operations run smoothly and can compete amidst increasingly fierce industry competition. By taking this difficult step, Polygon Labs is expected to maintain strong finances and stay focused on its vision and mission in providing leading technology and services in the crypto industry.