Polygon Labs will lay off 19% of its staff, CEO Marc Boiron announced in a public post on the company website on February 1, 2024.
In the post, Boiron made it clear that the layoffs are not a reflection of the company’s financial situation but rather a strategic decision to “right-size” the company. According to him, the team’s rapid growth in the last bull market diluted” the company’s ability to pursue its mission.
Boiron explained that this company’s rapid growth led to a loss of focus and efficiency, and this reduction of its staff size is one of the tough decisions the company had to make to get back on track.
According to Boiron, in an X post accompanying the announcement, the company is;
“on a mission to fundamentally change the internet so that everyone in the world is empowered to access its value equitably. Building the infrastructure to make that happen is no easy feat.”
At Polygon Labs, 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. It requires executing ambitiously and nimbly with an efficient,…
— Marc Boiron (@0xMarcB) February 1, 2024
The affected employees will receive a two-month severance package and health benefits by the end of February 2024.
The company is increasing all employees’ compensation by at least 15%, including a 5% increase for new intakes. These would help ease the transition for affected employees and show overall appreciation for the rest of the team.
This is not Polygon’s first time conducting layoffs of this scale. In February 2023, the company laid off 20% of its staff after consolidating its multiple business units.
Meanwhile, Boiron also mentioned in his post that its 33-person team working on its Polygon ID solution would spin off as a separate company in the coming months. According to him, the decision is to ensure the team and product’s ultimate success.
Launched for public use in March 2023, Polygon ID facilitates easy and faster identity verification for on-chain transactions without users sharing their private information. It is one of the new products launched by the company’s development team in the last twelve months.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
