Polygon Labs Announces 19% Workforce Reduction

Polygon Labs emphasized that the move is not financially driven but aims for a more efficient and less bureaucratic structure.

Marc Boiron, the Chief Executive Officer of Polygon Labs announced that the company would be laying off sixty employees “for the sake of enhanced performance.”

Boiron announced in a blog post published on February 1st that the “difficult, but necessary” employment cuts impacted approximately 19% of the team members at Polygon.

The chief executive officer noted that the layoffs were not due to financial reasons but rather an endeavor to create an “efficient surgical team with significantly less bureaucracy than the previous team.”

In his statement, Boiron stated, “This decision is not an easy one.” The practice of right-sizing to improve performance, instead of doing so for financial reasons, may appear somewhat unorthodox.

In an article published on February 1st, Polygon co-founder Sandeep Nailwal stated that the layoffs were “a necessary step to take Polygon Labs back to its ‘underdog’ roots.”

In February of 2023, as part of its efforts to restructure its internal operations, Polygon laid off twenty percent of its workforce, which amounted to approximately one hundred individuals.

As of the time of publication, Boiron did not disclose which staff members would be affected by the layoffs; nevertheless, he stated that he would provide the information as soon as feasible, taking into account the employees who opted in to get additional information.

Polygon labs “tough but necessary” attitude was widely supported on social media, with many people expressing their agreement.

According to reports, BlackRock an asset manager responsible for offering one of the first spot Bitcoin exchange-traded funds in the United States intended to reduce its workforce by three percent in January.

The financial payments company Block terminated the employment of 1,000 members of its workforce as part of its efforts to build more efficient operations.