Polygon Labs, a cryptocurrency firm specializing in enhancing accessibility to the digital coin Ethereum, has announced plans to reduce its global workforce by 60 employees, constituting approximately 19% of its total staff.
This marks the second round of layoffs for Polygon Labs, which previously released 100 employees in February last year amid a widespread downturn in the digital assets industry.
Affected staff will receive a severance package equivalent to two months’ pay, along with continued health benefits until the end of February in eligible locations.
In a move to support retained employees, total compensation will be increased by a minimum of 15%, while new hires will enjoy a 5% salary boost.
This downsizing aligns Polygon with a broader trend observed among major tech companies like Amazon, reflecting the dynamic nature of the evolving tech sector.
The restructuring decisions underscore the shifting priorities and economic challenges faced by companies amidst the rapidly changing market conditions.