The developer of the Polygon (MATIC) ecosystem is laying off 19% of its staff, but the company’s chief executive said the staff shake-up is not due to financial reasons.
Polygon Labs CEO Marc Boiron said in a new announcement that the company will lay off 60 employees to create “an efficient, surgical team with significantly less bureaucracy.”
Boiron argues that Polygon’s growth during the last bull market “diluted” the team’s commitment to focus, hard work, efficiency and agility.
He said the smaller workforce will enhance collaboration across Ethereum (ETH) scaling solutions.
“This decision is not an easy one. Right-sizing for performance rather than financial reasons may seem unusual.
The reality is that achieving our mission often requires difficult decisions. “While this is a difficult decision, the founders and I agree that we must move forward in a thoughtful manner that offers the greatest opportunity for successful execution.”
The CEO said laid-off employees will receive severance pay and health insurance benefits for two months until the end of February, while those who remain with the company will receive salary increases.
MATIC is trading at $0.808 at the time of this writing. The 15th-largest cryptocurrency asset by market capitalization is up more than 5.5% in the past 24 hours.
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