Polygon Labs cuts staff by 19%, right-sizes team

To improve operational efficiency

Marc Boiron, CEO of Polygon Labs, the developer of the crypto asset (virtual currency) Polygon (MATIC), announced on the 1st that the company will reduce its workforce by approximately 19%.

The number of people reduced this time is 60. He said increasing the size of his team during the last bull market made it difficult to move forward with projects efficiently. He also explained that the cuts were not made for economic reasons, but rather to keep the team at an appropriate size.

Boiron explained that his company’s mission is to “transform the Internet so everyone in the world has equal access to its value.” And building such infrastructure is not easy, he said.

Boiron points out that to achieve this mission, we need to be ambitious, agile, and work closely together. He explains that the current number of people on the team is not enough to carry out the work in this way, so they made the difficult decision to reduce staff.

The company also said it will now increase total compensation for all employees by 15% and eliminate the regional pay model. The company aims to evaluate each employee regardless of their region, and plans to attract talented people from around the world.

The Polygon project is currently moving forward with a large-scale development plan called “Polygon 2.0.” The plan also includes replacing the cryptocurrency MATIC with POL.

connection: Polygon new currency “POL” deployed on Ethereum mainnet

Also, although a reduction in the number of employees was announced this time, it has recently acquired a large number of users, and it was revealed last month that it has momentum approaching Ethereum (ETH).

connection: Polygon is making great strides in gaining the number of virtual currency users in 2023, approaching Ethereum

Staff reduction last year

Polygon Labs also announced in February last year that it had cut 20% of its workforce, or about 100 people, as part of a consolidation of its business units. At the time, he said there were no financial problems.

“In order to contribute to the spread of Web3 by scaling Ethereum, we have concretely set out a strategy for the next few years.”

connection: Polygon cuts 20% of its workforce due to business division consolidation

During this period, known as the “cryptocurrency winter,” the market was in a slump, and the number of people being laid off in the industry was rapidly increasing. It has also become clear that there were many layoffs during the Tera scandal and FTX bankruptcy, which triggered the market slump.

connection: FTX gives up on restarting virtual currency exchange, customers will be refunded in full

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