Ethereum Layer-2 scaling startup Polygon laid off approximately 20% of its workforce

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Ethereum Layer-2 scaling startup Polygon laid off approximately 20% of its workforce, or 100 employees, as part of a restructuring exercise in the midst of the ongoing crypto winter.

Polygon is a platform for blockchain scalability. Employees who are laid off will receive three months of severance pay, regardless of their level or tenure at the startup, according to the company. The layoffs come nearly a year after Polygon received $450 million in funding led by Sequoia Capital India. Over 40 major VC firms participated in the round, including SoftBank, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and others. As per a report Indian startups have laid off over 22,000 employees since 2022 so far.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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Ethereum Layer-2 scaling startup Polygon laid off approximately 20% of its workforce

Ethereum Layer-2 scaling startup Polygon laid off approximately 20% of its workforce, or 100 employees, as part of a restructuring exercise in the midst of the ongoing crypto winter.

Polygon is a platform for blockchain scalability. Employees who are laid off will receive three months of severance pay, regardless of their level or tenure at the startup, according to the company. The layoffs come nearly a year after Polygon received $450 million in funding led by Sequoia Capital India. Over 40 major VC firms participated in the round, including SoftBank, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and others. As per a report Indian startups have laid off over 22,000 employees since 2022 so far.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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