Polygon Labs laid off 60 people, accounting for 19% of the team members

ChainCatcher news, Polygon Labs CEO Marc Boiron stated in a community post that 60 employees have been laid off, accounting for 19% of the team members. Polygon Labs will provide two months of severance pay and health benefits to the laid-off employees (ending at the end of February). At the same time, Polygon Labs will increase the total compensation for employees by at least 15%, effective January 1, 2024, and new employees will also receive a 5% salary increase.

Polygon Ventures has been operating independently from Polygon Labs since the end of 2023 and has now been renamed P2 Ventures. The Polygon ID team will also operate independently from Polygon Labs in the coming months.