Polygon Labs to Fire 60 Employees
Polygon Labs CEO Marc Boiron has announced that 60 employees, which accounts for 19% of the team, have been dismissed.
In a statement, Boiron explained that the company’s mission is to revolutionize the internet by providing equal access to its value, which is a challenging task.
However, the team’s rapid growth during the previous bull market has diluted the necessary qualities to achieve this goal.
Boiron clarified that the decision to lay off employees is not due to financial issues, but rather to refocus and redirect the team towards the company’s mission.
In early 2023, the project had already reduced its workforce by 20%, affecting approximately 100 employees. In early 2022, Polygon had raised $450 million from investors such as Sequoia Capital India, Tiger Global, SoftBank, and more than 40 other venture investors.
Notable individuals, including billionaire Alan Howard and Reddit co-founder Alexis Ohanian, also participated in the funding round.
