Polygon Layoffs

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Polygon, an Ethereum Layer-2 scaling startup in the blockchain industry, has laid off approximately 100 employees, representing 20% of its workforce, as part of a consolidation process. The Mumbai-based company, which consolidated multiple business units under Polygon Labs earlier this year, announced the restructuring in February 2023 amid the ongoing "crypto winter." Despite raising $450 million in funding nearly a year prior and maintaining a healthy treasury, the company made this move to streamline operations and crystallize its strategy for the next five years. The affected employees will receive three months of severance pay. This decision reflects broader challenges in the startup ecosystem, where many Indian companies have similarly reduced staff due to funding constraints.

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