Polygon Labs Reshapes Team, Aiming for Enhanced Performance
Polygon Labs has reduced its workforce by 19% for performance optimization while promising remaining staff a pay rise and announcing the spinoff of Polygon ID.
February 1, 2024
Company Restructuring
Polygon Labs, known for its avant-garde development in the layer-2 scaling solutions for Ethereum, has recently undergone a significant staff reduction. The tech firm announced a 19% cut in its workforce, affecting 60 roles within the company. This decision, they emphasize, is based on performance enhancement goals rather than financial exigencies.
Innovative Ventures
With an innovative approach to identity on the blockchain, the Polygon ID team is set to branch out from Polygon Labs in the forthcoming months. This strategic shift indicates a continued focus on specialization and product-based restructuring.
Compensation Adjustments
While downsizing, the remaining workforce at Polygon Labs can anticipate a compensation boost. A minimum 15% increase in total pay is promised, alongside the elimination of geo-pay models, to reflect the company's evolved remuneration philosophy. This news follows an earlier staff reduction in February 2023, as the company continues to adapt its strategy amid the dynamic crypto landscape.
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