polygon Matic
-1.55%
“We are on a mission to fundamentally transform the Internet so that everyone around the world has equitable access to its value. Building the infrastructure to make that happen is no easy task,” Boiron said. From his post. “Unfortunately, the rapid growth of the team during the last bull market diluted the qualities that allowed us to execute in this way. We need to get back to those qualities.”
Polygon Labs’ decision to lay off “60 team members” follows several other companies announcing layoffs during last year’s recession. In 2023, prominent cryptocurrency companies such as Coinbase, Binance, and OpenSea have all announced layoffs. About a year ago, Polygon Labs also cut its workforce by 20%.
Boiron also suggested that the announced layoffs were not based on “financial reasons,” saying Polygon Labs was “increasing total compensation for everyone by 15% and eliminating the traditional local pay model.”
The layoffs follow recent announcements
Recent developments from Polygon Labs include plans to launch a new solution called Aggregation Layer (or AggLayer), which aims to connect blockchains with zero-knowledge proofs. The company also announced a collaboration with Fox Corporation to launch Verify, a blockchain-based platform that will negotiate content licensing agreements with AI companies.
Boiron was promoted to CEO of Polygon Labs after previously serving as Chief Legal Officer. In 2022, Polygon Labs raised approximately $450 million through private token sales. Sequoia Capital India led Polygon’s fundraising, with participation from over 40 other investors, including SoftBank Vision Fund 2 and Tiger Global.
MATIC, which once hit a high of about $2.50, is trading at $0.80 as of 10:37 a.m. ET, according to The Block’s pricing page.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a variety of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.