Polygon Labs CEO Marc Boiron explained these layoffs as a desire to optimize the company's team. Reducing staff by 19% will allow Polygon Labs to develop as quickly as possible and implement the ideas of developers, as well as avoid unnecessary bureaucracy. Boiron added that the Polygon Labs team grew rapidly during the latest bull run, and this “dispersed” the company's goals.
“It may seem strange that we cut staff to improve productivity rather than for financial reasons. The reality is that difficult decisions must be made to achieve our mission,” Boiron wrote.
Employees who are laid off will receive monetary compensation for two months and medical insurance. In addition, effective January 1, 2024, the company has increased the base salary of its employees by at least 15%, and new employees will receive a 5% increase.
Polygon Ventures, which spun off from Polygon Labs last year, will operate as a standalone company with 10 employees. Boiron noted that Polygon Ventures is working on creating a new fund, so operating it as a separate entity would make more sense. In the coming months, Polygon ID, which employs 33 people, will begin operating independently.
Let us recall that Polygon Labs lawyers recently proposed a regulatory framework for regulating DeFi protocols, which should be controlled by the Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) of the US Department of the Treasury.
Source: Bits
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