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.