Polygon Labs cuts 19% of workforce for improved efficiency

NEW DELHI: Polygon Labs, the team focused on building the layer-2 blockchain Polygon, has laid off about 19 percent of its workforce, or 60 employees.

In a blog post shared on Thursday, the company's CEO Marc Boiron, cited that the job cut comes "for the sake of enhanced performance, rather than for financial reasons."

"We’ve made the difficult, but necessary, decision to say goodbye to 60 teammates, roughly 19% of the team," Boiron said.

"When I started the role of CEO, I pledged to make you all the happiest employees in the world. While that goal will never cease to be my North Star, it pains me that I failed to make that happen for many of our teammates," he added.

The company also shared that the team behind Polygon ID will be exiting the company in the coming months.

Polygon stated that individuals who were not affected by the layoffs will receive at least a 15 percent rise in overall compensation, and that geo-pay models would be eliminated.

Those laid off will receive two months' severance pay and health benefits through the end of the month, if applicable, the company said.

The latest round of layoffs comes less than a year after Polygon reduced its workforce by 20 percent in February last year as part of a restructuring.

Last month, Jack Dorsey's fintech firm Block, whose subsidiaries include Square, Cash App, and Afterpay, reportedly laid off approximately 1,000 employees, or 10 percent of its workforce.