Polygon Labs, a cryptocurrency firm specializing in enhancing accessibility to the digital coin Ethereum, recently announced its intention to reduce its global workforce by 19%, equating to approximately 60 positions.
This decision marks the company’s second round of layoffs as it navigates the ever-volatile landscape of digital assets, despite the nascent signs of recovery in the industry.
The cryptocurrency market had been subjected to severe turbulence, which culminated in a massive industry-wide downturn, erasing trillions of dollars from its valuation.
In response to these challenges, Polygon Labs had previously laid off 100 employees in February of the preceding year.
As a part of the current workforce reduction, affected employees will be provided with a comprehensive severance package, entailing two months of compensation, and health benefits will be extended through the end of February, wherever the company’s policies apply.
To mitigate the impact on its remaining employees and to incentivize new talent, Polygon Labs has also announced a series of compensation adjustments.
The compensation for existing employees will undergo an upward adjustment of at least 15%.
Furthermore, new recruits joining the company will benefit from a 5% salary increase, which reflects the company’s commitment to maintaining a competitive and attractive remuneration structure.
This decision comes at a time when the cryptocurrency industry is showing signs of a slow recovery following the tumultuous period it endured.
Polygon Labs aims to streamline its operations, ensuring it remains resilient and competitive in the ever-changing crypto landscape.
While this announcement may bring about some uncertainties for affected employees, the company is taking measures to provide a financial safety net and improved compensation for its remaining workforce, underscoring its dedication to retaining top talent.
In conclusion, Polygon Labs’ decision to reduce its workforce by 19% is a strategic move to adapt to the evolving dynamics of the cryptocurrency market.
By optimizing its resources and enhancing compensation packages, the company is positioning itself to thrive in an industry marked by rapid fluctuations and uncertainties.