- Polygon Labs has reduce its headcount by 20 p.c
- The platform has over $250 million in its stability sheet and almost 2 billion MATIC
Polygon Labs has joined a slew of crypto corporations which have laid off their staff. The transfer comes despite the fact that Bitcoin (BTC) and different cryptocurrencies have been making an upward transfer previously few weeks. The agency introduced in the present day that it has reduce its workers rely by 20 p.c, affecting a number of groups and almost 100 positions.
A weblog publish on the layoff read,
“This was a painfully laborious choice, however a obligatory step in our journey. Our departing teammates have performed an historic half in constructing the Polygon know-how and ecosystem to be the globally acknowledged blockchain that it’s in the present day.”
MATIC unaffected by Polygon Labs’ transfer
Furthermore, Polygon Labs has not given a motive that influenced this choice. Nonetheless, it has assured that its “treasury stays wholesome,” including that its stability sheet has over $250 million and over 1.9 billion MATIC. In keeping with CoinMarketCap, MATIC has not made any important transfer for the reason that announcement was made.
Learn Polygon’s [MATIC] Value Prediction 2023-24
At press time, the coin was buying and selling at $1.41 with a market cap of over $12 billion. The coin registered a downtrend of over 5 p.c previously 24 hours. However, has additionally seen an uptrend of over 18% previously seven days.
Moreover, Polygon Labs acknowledged that the agency will present three months of severance pay for these affected by the choice. As well as, this is able to be supplied to the previous staff regardless of their degree and tenure.
Polygon Labs’ choice comes days earlier than zkEVM Mainnet launch
Notably, Polygon Labs has determined to cut back its workers counts proper earlier than the launch much-awaited launch of zkEVM Mainnet. The launch is ready to happen on March 27, 2023. Furthermore, the co-founder of Polygon – Sandeep Nailwal – just lately posted an replace on Features Community, a DeFi ecosystem of merchandise on Polygon and Arbitrum.
The community would diversify Polygon’s choices with its low buying and selling charges. Features Community just lately marked a milestone with its commerce quantity surpassing $25 billion.