By: Eva Baxter
Polygon Labs, the company behind Ethereum scaling network, announced a 19% workforce reduction, impacting around 60 employees across different departments. CEO Marc Boiron conveyed this in an internal memo, stating the decision as part of a broader strategy to realign the focus on core projects and streamline operations in the web3 ecosystem.
Boiron attributes the layoffs to the necessity for strategic resizing to enhance performance and agility needed to pursue the company's ambitious goals. Despite acknowledging the difficulty of the decision, he emphasized that it was not prompted by financial concerns. Affected employees will be provided two months of severance, continued health benefits, and assistance in finding new opportunities within the web3 space.
The company also announced a minimum 15% rise in total compensation for the remaining team members, retroactive to Jan.1, 2024. Moreover, Polygon Ventures and Polygon ID are slated to transition into independent entities to focus more on their core protocol development.
© BlockBriefly. All Rights Reserved.