Is Polygon Labs financially healthy?
Polygon Labs, a blockchain development company specializing in Polygon, announced on Tuesday that it has implemented a series of organizational changes resulting in a 20% reduction in staff, equaling around 100 individuals. According to Polygon Labs co-founder Sandeep Nailwal, the layoff is part of the company’s organizational restructure, which has resulted in the consolidation of numerous businesses under Polygon Labs, the corporate consolidation occurred earlier this year.
In a statement, Nailwal stated that the Polygon treasury “remains robust,” with a balance of more than $250 million and more than 1.9 billion of its native currency, Matic.
“We have crystallized our plan for the next several years to assist promote broad adoption of Web3 through scaling Ethereum,” he stated.
In addition, regardless of their position or length of service at Polygon Labs, each impacted employee will get three months of severance compensation, according to Nailwal.
Polygon Labs’ other founders are Jaynti Kanani and Anurag Arjun.
Furthermore, before the FTX event in November 2022, Polygon was open to hiring personnel and aimed to add around 200 more to its workforce by the end of 2022.
Matic is one of the top 10 cryptocurrencies in terms of market capitalisation.
Polygon received $450 million in venture capitalist investment in the same month last year, with Matic being given to over 40 notable venture capitalist investors, including Sequoia Capital.
This helped to the Initial price increase, but as the crypto slump has persisted, the price has dropped below where it was in February of last year.
