Crypto Technology Firm Polygon Eliminates 20% of Workforce
- Job cuts at blockchain firm equal around 100 employees
- Firm consolidated operations under Polygon Labs last month
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Polygon Labs, the operator of an eponymous protocol used by developers to make Ethereum transactions quicker and cheaper, has cut 20% of its workforce, or around 100 employees, as part of a consolidation of business units.
The impacted employees will receive three months of severance pay, the firm said in a blog post Tuesday. The treasury of the company remains “healthy” with a balance sheet worth more than $250 million, according to the statement.