Polygon Layoffs Raise Questions: What Happened to $200M in Funding?
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- Polygon announced cutting 100 positions or 20% of its employees.
- In Feb. 2022, Polygon Labs raised $450 million in funding. Currently, they have $250 million in cash and 1.9 billion in MATIC.
- MATIC fell 6% after Polygon Labs announced layoffs.
Polygon, a level-2 scaling solution for Ethereum, is showing worrying signs. After spending $200 million in under a year, the company is taking measures to cut its burn rate.
Sandeep Nailwal, the Co-Founder of Polygon Labs, announced that the company would lay off 20% of its workforce, or about 100 people.
“Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we’re sharing the difficult news that we’ve reduced our team by 20%, impacting multiple teams and...
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