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Polygon reduces workforce by 20%


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Today, a renowned blockchain firm, Polygon joined the list of crypto firms that have laid off their workers. In a Tuesday blog post, the firm announced a 20% reduction in its workforce. According to Polygon, the layoff was necessary as it journey through the uncertainty in the crypto market.

Meanwhile, Polygon admitted that the layoff affected its multiple teams and about 100 positions. It maintained that those affected by the layoff have contributed immensely to the building of Polygon technology. Recall that the platform is currently one of the leading blockchain firms across the globe. It, however, attributed this success to every member of the team, including the departing employees. Occasioned by this development, Polygon said the affected employees will always be a part of its community.

It is noteworthy that Polygon announced a relief package for the layoff employees. According to its announcement, they will get at least three months severance. It said these payments will be made irrespective of the level and tenure of the affected employees.

Polygon still committed to cementing global expansion despite layoff

However, this layoff is coming as a setback, particularly in Polygon’s quest for global expansion. Recall that in the past few months, the blockchain firm has been engaging in numerous partnerships to expand its offerings. Just last month, Polygon collaborated with renowned India E-commerce firm, Flipkart to develop a Blockchain E-commerce Centre of Excellence(CoE).

Through the partnership, both firms looks towards enhancing the popularity of web3. More so, it is noteworthy that that Polygon also leveraged on the collaboration to increase the commercial usage of Metaverse in India. Remarkably, the CoE will focus on advancing the future of e-commerce in web3 and metaverse, thereby modifying better experience for millions of users in India.

In January, it also collaborated with ZenGo, a self-custodial wallet. Notably, the wallet wants to leverage on the security features of the Polygon to secure its network. According to the Zengo team, Polygon possesses remarkable features that put it ahead of other networks. It further that these features informed its choice to integrate the blockchain platform. As one of the fastest growing ecosystems, Polygon ended 2022 on a very good note. During the year, it saw the patronage of renowned brands like Nike, Meta, Reddit, Starbucks and many more. Occasioned by this development, the blockchain firm saw a boost in its Total Value Locked to $1.1 billion.

However, amidst the uncertainty in the market, Polygon is not the only firm that have reduced its workforce. Recall that crypto.com, a renowned exchange also announced a 20% layoff in its workforce last month. Similarly, Coinbase is also in the list after it slashed its workforce by 20% in early January.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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