The company has explained that this is part of its consolidation plan for its business units and, in addition, has declared that its liquidity remains “healthy“, with an accounting balance of more than 235 million.
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The operator company of the Polygon Labs protocol, of the same name used to facilitate transactions of the Ethereum cryptocurrency, is going to do without a total of 20% of its workforce, about 100 workers, as part of its consolidation plan for its business units.
The company has also reported that affected employees will receive three months of severance pay. In addition, the firm’s liquidity remains “healthy” with an accounting balance of more than 250 million dollars (235 million euros).
These layoffs coincide with a difficult time for the cryptocurrency industry following the collapse of Coinbase Global, Blockchain.com, and Crypto.com. They have already laid off hundreds of employees in the first two months of 2023 alone.
At the beginning of January, Polygon already announced a restructuring to unify all employees, dispersed in different firms, under the umbrella of Polygon Labs. In the new organization chart, Polygon Foundation, based in the Cayman Islands, will own Polygon Labs .