Indian-origin blockchain platform Polygon has announced that it will be laying off 20 per cent of its workforce, which is about 100 employees, across teams and positions. This comes as the crypto industry faces the brunt of the continued downturn. 

“Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process,  we’re sharing the difficult news that we’ve reduced our team by 20 per cent impacting multiple teams and about 100 positions,” the company said in a release. This was a painfully hard decision, but a necessary step in our journey, it added. 

‘Healthy treasury’

The company said that its treasury remains healthy, with a balance of more than $250 million and more than 1.9 billion MATIC(Polygon network’s native cryptocurrency), and that it has crystallised the strategy for the next several years to help drive mass adoption of web3 by scaling Ethereum. 

Impacted employees, it said, will receive three months of severance pay, regardless of their level or tenure at Polygon Labs.