Tech Layoffs 2023: Polygon Labs Fires 100 Employees, Here’s What They Will Receive

Tech layoffs 2023 continue in an unrelated manner as more companies announce layoffs. The latest to join the tech layoffs bandwagon is the Ethereum scaling platform Polygon Labs. The company announced its intent to let go of 100 employees. Polygon, said through a blogpost that, this decision had to be taken as the company had consolidated multiple business units under Polygon Labs.

The blog went to mention that its treasury was still “healthy", with a balance of over $250 million and more than 1.9 billion MATIC, they had crystallized a strategy for the next several years to help drive mass adoption of web3 by scaling Ethereum. “As part of this process,  we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions. This was a painfully hard decision, but a necessary step in our journey,” said Polygon.

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Sandeep Nainwal, co-founder of the company said “Our departing teammates have played a historic part in building Polygon ecosystem to be the globally recognized platform that it is today. These individuals will always be a part of the 0xPolygon community and we sincerely thank every one of them.” He also added that “I will be joining our weekly Community call in our discord tomorrow at 9am ET to address any doubts any community members might have.”

What Polygon Employees Impacted by Tech Layoffs Will Receive?

Employees who have been fired from the company would receive each receive three months of severance pay, regardless of their level or tenure at Polygon Labs, added Nainwal. “We know this isn’t only difficult for those who are leaving today, but for all of us who will steward Polygon Labs and the Polygon protocol going forward. Our colleagues are our friends and comrades, and there is no doubt that we all share pride in our collective accomplishments to date,” added the company.