Polygon Labs, which runs the Ethereum scaling community Polygon, has laid off 60 employees members after buying Coinme and Sequence for greater than $250 million, folks conversant in the matter informed CoinDesk.
The job cuts come as the corporate pivots to blockchain with a give attention to funds, the folks mentioned, noting that the adjustments affected groups throughout the group somewhat than particular departments.
Rumors of recent layoffs started circulating this week, following a number of stories a couple of 30% workforce discount. A spokesperson for Polygon Labs disputed the reported percentages, saying the corporate nonetheless has practically 200 workers after integrating the brand new acquisition and isn’t slicing jobs. A spokeswoman mentioned the job cuts have been a part of a restructuring following a current acquisition, however declined to touch upon how many individuals could be affected.
“Previous to merging Coinme and Sequence workers into Polygon Labs, we made changes to maintain general headcount fixed,” the spokesperson mentioned. “These adjustments aren’t meant to scale back the dimensions of the corporate, however to steadiness the additions from current acquisitions.”
That is Polygon Labs' third main layoff in recent times. The corporate lower roughly 100 workers, or 20% of its workforce on the time, in early 2023 because it consolidates a number of enterprise items beneath a single entity. Then, in February 2024, the corporate lower an extra 60 folks, or 19% of its workforce, which the corporate mentioned was to enhance operational effectivity and efficiency.
CEO Marc Boisron additionally confirmed the job cuts in a press release on social media platforms, saying the restructuring was associated to the overlap in roles created by the corporate's current acquisitions of CoinMe and Sequence. He mentioned the 2 groups might be mixed to help Polygon's mission to “transfer all funds on-chain.”
“My outgoing teammates are extraordinary and I’m deeply grateful for all they’ve contributed to Polygon. We’re dedicated to actively supporting them by means of this transition,” Boylan wrote to X.
An organization spokesperson mentioned the corporate stays well-funded, with greater than $200 million in treasury and greater than 1.9 billion MATIC tokens.
Polygon is a scaling answer for the Ethereum blockchain that goals to allow quicker and cheaper transactions. The community makes use of a proof-of-stake consensus algorithm, and its native foreign money, MATIC, is used to pay transaction charges and might be staked to earn rewards. Polygon was first launched as Matic Community by a number of Ethereum builders in 2017, and the community went stay in 2020.
In keeping with CoinDesk information, the MATIC token has fallen by round 6% previously 24 hours. In the meantime, the CoinDesk20 index, a measure of the broader crypto market, was down about 1% over the identical interval on the time of writing.
