Polygon Labs cuts 19% of staff, increases compensation for remaining team
Polygon Labs’ CEO announced the departure of 60 staff members, representing 19% of its workforce. The cuts are part of a strategic adjustment aimed at bolstering performance efficiency rather than being driven by financial necessity. In addition, the announcement highlighted the evolution of Polygon Ventures into P2 Ventures following its separation from Polygon Labs at the end of 2023. Additionally, the Polygon ID division is set to become an autonomous entity in the near future. In the statement, Polygon CEO Marc Boiron emphasized that the downsizing was enacted not out of financial necessity but to streamline operations for better performance. THE END of an incredible journey at @0xPolygonLabs! I joined MATIC Network (now Polygon Labs) as a Project Manager Intern almost 3 years ago, got promoted to a full-time Project Manager in 3 months, Promoted to Ecosystem Manager in the next 15 months and again got promoted to… — Ronak Jethava | Polygon Labs (@RonakTwts) Februa...