Polygon Labs Takes Steps Towards Efficiency, Announces Layoff of 60 Staff Members
Summary:
Polygon Labs CEO, Marc Boiron, announced the dismissal of 60 employees, 19% of the company's workforce, aimed at improving performance. The decision, while difficult, is seen as necessary for a more streamlined operation. Co-founder Sandeep Nailwal echoed these statements. Marc Boiron promised to be transparent about the affected staff. This move follows several layoffs across different industries and companies.
Polygon Lab's head, Marc Boiron, declared on February 1 that the company is eliminating 60 positions to boost its performance. He expressed in a blog post that this unfortunate yet essential layoff, affecting around 19% of the workforce, was not attributable to financial hardship but rather an effort to formulate a more agile and streamlined operation with less bureaucracy. Boiron admitted this move might be unconventional, yet necessary for enhancing performance, emphasizing the difficulty of making these decisions.
"Building the infrastructure for changing the Internet to give everyone equitable value access is an ambitious and daunting task, requiring efficiencies," Marc Boiron stated on February 1, 2024.
Polygon's co-founder, Sandeep Nailwal, confirmed on the same day that these cutbacks were necessary for the company to return to its scrappier roots. The company let go of about 100 staff members, nearly 20% of the team, in February 2023 as part of internal adjustments. Boiron didn’t disclose who these layoffs would impact but promised to release more information as soon as individuals had chosen to step forward. Many reactions to the news on social media seemed to understand this painful decision as an essential one for Polygon Lab.
Several other industries and companies are undergoing layoffs, with Polygon’s announcement following suit. BlackRock, a prominent asset manager responsible for one of the first Bitcoin spot exchange-traded funds in the U.S, disclosed plans to lay off 3% of its workforce in January. Block, a financial payments company, also allegedly downsized its operations, dismissing 1,000 employees.
Published At
2/1/2024 8:47:14 PM
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