Polygon Labs lays off 19% of team after 'rapid growth' during crypto's bull run
Quick Take Polygon Labs CEO Marc Boiron announced in a post to X that the organization is laying off 19% of staff, saying the “team’s rapid growth in the last bull market diluted” the company’s ability to pursue its mission. The company also laid off 20% of its staff about a year ago.
Polygon MATIC -1.58% Labs is laying off 19% of staff, the organization's CEO Marc Boiron announced in a post to X on Thursday.
"We are on a mission to fundamentally change the internet so that everyone in the world is empowered to equitably access its value. Building the infrastructure to make that happen is no easy feat," Boiron said in his post . "Regrettably, the team’s rapid growth in the last bull market diluted qualities that enable us to execute in this manner. We must return to those qualities."
Polygon Labs' decision to dismiss "60 teammates" follows several other companies announcing layoffs during last year's downturn. In 2023, high-profile crypto companies like Coinbase, Binance and OpenSea all announced layoffs. Roughly one year ago , Polygon Labs also cut 20% of staff.
Boiron also said Polygon Labs is "implementing a 15% increase in everyone's total compensation and eliminating traditional geo-pay models," while also suggesting the announced layoffs are not based on "financial reasons."
Layoffs follow recent announcements
Recent developments at Polygon Labs include plans to release a new solution called aggregation layer (or AggLayer), which aims to connect blockchains with zero knowledge proofs. The company also announced a collaboration with Fox Corporation to launch a blockchain-based platform called Verify which will negotiate content licensing deals with AI firms.
Boiron was promoted to CEO of Polygon Labs after previously serving as its chief legal officer. In 2022, Polygon Labs raised about $450 million through a private token sale. Sequoia Capital India led Polygon's fundraise, with more than 40 other investors participating, including SoftBank Vision Fund 2 and Tiger Global.
MATIC, which once hit a high of about $2.50, was trading at $0.80 as of 10:37 a.m. ET, according to The Block's Price Page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Code of Joker game will reappear on smartphones in a new version via Sui blockchain
Share link:In this post: The arcade Code of Joker existed from 2013 to 2019 The game will run on a platform Mysten acquired just days ago. Sui partnered with Jokers, Inc., which is obtaining more games to revive in Web3
RLUSD Can Be Frozen for Compliance, Ripple CTO Admits

BlackRock to File XRP ETF Only After SEC Lawsuit Resolution, Expert Says

ZKsync sunsets liquidity program amid bearish market
Trending news
MoreCrypto prices
More








