The blockchain industry has been an area where layoffs have been severe over the past year.
The main reasons for the layoffs were low prices and rising costs. The last company to join the firing frenzy was Polygon.
Polygon Announces Parting Roads with 100 Employees
After a challenging 2022, many blockchain-focused companies are trying to cut costs by downsizing. Polygon Labs, made up of the developer team of blockchain company Polygon, is struggling with rising costs in the industry. The company announced the layoffs of 100 employees, citing a more predictable future and cutting costs.
Polygon’s 100 employees who part ways correspond to 20 percent of the company. The company added that it took this decision while going downsizing. The company also stated earlier this year that several departments would be merged.
The statement by the company about layoffs and department mergers is as follows:
“We have put in place a plan to consolidate some of the departments in order to have a more predictable future and to work efficiently. As part of this process, we would like to point out that we made the difficult decision to reduce our employee headcount by 20 percent, impacting multiple teams and nearly 100 positions.”
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