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Polygon Three Indian entrepreneurs based Polygonondary scaling answer supplier for the Ethereum blockchain. Blockchain startup Polygon, primarily based in India, plans to put off 20% of its workforce. Sandeep Nailwal, a co-founder of Polygon, not too long ago talked about in a weblog publish that the layoffs have occurred.
Nailwal talked about in a weblog publish that:
Earlier this yr, we consolidated a number of enterprise models underneath Polygon Labs. As a part of this course of, we’re sharing the troublesome information that we’ve decreased our group by 20%, impacting a number of groups and about 100 positions.
The corporate has determined to undergo with the 20% layoff, which involves roughly 100 workers being fired as part of a restructuring course of.
The affected workforce, about 100 folks, has been fired throughout all groups and positions. The information comes when the business falters attributable to an prolonged downturn within the crypto market.
Only a yr in the past, in February, Polygon had raised almost $450 million because it issued MATIC to 40 enterprise capitalists, together with Sequoia Capital, SoftBank Imaginative and prescient Fund II, Elevation Capital, Tiger World Accel Companions, and Steadview Capital.
Polygon Has Continued To Preserve A Wholesome Treasury
Polygon additionally talked about that its treasury has remained comparatively wholesome, with a stability of $250 million and greater than 1.9 million MATIC, which is Polygon’s native cryptocurrency. Nailwal acknowledged:
The treasury stays wholesome, with a stability of greater than $250 million and greater than 1.9 billion Matic (Polygon’s native token), and we have now crystallised our technique for the subsequent a number of years to assist drive mass adoption of Web3 by scaling Ethereum.
The staff who’ve misplaced their jobs shall be entitled to 3 months of severance pay, based on the corporate. Severance pay just isn’t depending on the staff’ degree. The corporate will take note of the tenure of the employment to meet the severance pay coverage.
Firm Restructuring
Polygon is among the many corporations which have carried out layoffs up to now yr to handle their prices higher. The corporate not too long ago introduced its plan to restructure company entities, which might membership all the staff underneath a bunch of corporations known as Polygon Labs. In response to the official announcement, the restructuring was carried out to assist the corporate streamline and arrange its operations higher.
Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun based Polygon. The corporate obtained an funding from US-based billionaire Mark Cuban in 2021.
Polygon additionally included Mihailo Bjelic from Serbia in its group of co-founders. MATIC was launched by way of Binance’s preliminary trade providing, which is how the corporate raised greater than $5 million.
Different crypto corporations have been compelled to chop down on their employees up to now months; Gemini decreased its workforce by 10% initially of the yr. Coinbase World additionally carried out layoffs this yr, firing 950 workers, which was additionally part of its restructuring plan.
Featured Picture From UnSplash, Charts From TradingView.com.
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