Polygon Labs to Layoff 60

Polygon Labs was launched in 2017 as a blockchain platform that creates a multi-chain system compatible with Ethereum. It was formerly known as Matic Network. According to its website, the company has facilitated over 2.44 billion transactions, deployed over 1.17 million smart contracts, and has recorded $12.8 billion in sales volume.

According to recent reports, Polygon Labs has laid off 60 employees, which amounts to 19% of its workforce, in a restructuring initiative aimed at making the company more efficient by working with smaller teams. Affected employees will receive 2 months of severance benefits.