It’s no secret that numerous crypto firms, including Polygon Labs, have laid off employees. This change occurs despite the fact that Bitcoin (BTC) and other cryptocurrencies have been appreciating in value over the previous few weeks. Several departments and roughly 100 employees are affected by the company’s 20% staff reduction announced today.
Polygon has not elaborated on the rationale behind this choice. Yet, it has stated that its “treasury remains solid,” and a review of its financials reveals that it has in excess of $250 million and over 1.9 billion MATIC. According to CoinMarketCap, MATIC’s value hasn’t budged much since the announcement.
Coin was trading at $1.41 with a market worth of nearly $12 billion at the time of publication. The value of the coin has dropped by over 5% in the past day. but also increased by more than 18% in the preceding week.
Polygon Labs also said that affected employees would get three months of severance compensation. All previous employees, regardless of their position or length of service, would receive this.
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