Crypto Market News

Polygon Labs CEO Announces 19% Workforce Reduction

Polygon Labs CEO Announces 19% Workforce Reduction

Polygon CEO, Marc Boiron, recently announced plan to reduce the team at Polygon Labs by 19% of the team, roughly around 60 teammates.

“At Polygon Labs, we are on a mission to fundamentally change the Internet so that everyone in the world is empowered to equitably access its value. Building the infrastructure to make that happen is no easy feat,” said Marc.

“It requires executing ambitiously and nimbly with an efficient, surgical team that can collaborate closely and expedite demanding projects. Regrettably, the team’s rapid growth in the last bull market diluted qualities that enable us to execute in this manner. We must return to those qualities.”

He also announced to implement a 15% hike in remaining employees’ compensation and eliminate geo-pay models. Even new joiner will get the hike of 5%. The move suggests that this layoff is not because of the “financial reasons.” Now, with the cut-off Polygon team has 220 people left.

Polygon Labs has unveiled upcoming initiatives, including the introduction of a novel solution named AggLayer, designed to facilitate the connection between blockchains through zero knowledge proofs.

Additionally, the company has disclosed a partnership with Fox Corporation to roll out a blockchain-powered platform called Verify. This platform is intended for negotiating content licensing agreements with artificial intelligence (AI) companies.

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