Polygon Labs, the company behind the Polygon blockchain, has announced layoffs affecting approximately 19% of its team members. CEO Marc Boiron explained in a Feb. 1 blog post that the decision was made to create a more efficient and agile organization, rather than due to financial difficulties.
Boiron emphasized that the layoffs were not an easy decision but were necessary to enhance performance and return Polygon Labs to its “underdog” roots. He stated that the company aims to operate with a “surgical team” and reduce bureaucracy. Boiron did not disclose which specific roles or departments would be affected by the layoffs, but promised to share more information as soon as possible, respecting employees’ privacy.
Polygon co-founder Sandeep Nailwal echoed this sentiment in a post on X, stating that the cuts were a necessary step to regain the company’s underdog spirit. This move follows a previous round of layoffs in February 2023, where Polygon cut 20% of its staff as part of internal restructuring efforts.
Polygon’s layoffs are part of a broader trend of cost-cutting and restructuring across various industries. Asset manager BlackRock, known for its Bitcoin exchange-traded fund (ETF) in the United States, reportedly planned to cut 3% of its staff in January. Financial payments firm Block also reportedly laid off 1,000 employees to streamline operations.