Polygon Layoffs Elevate Questions: What Occurred to $200M in Funding?

• Polygon introduced reducing 100 positions or 20% of its staff.

• In Feb. 2022, Polygon Labs raised $450 million in funding. At the moment, they’ve $250 million in money and 1.9 billion in MATIC.

• MATIC fell 6% after Polygon Labs introduced layoffs.

Polygon, a level-2 scaling answer for , is displaying worrying indicators. After spending $200 million in below a yr, the corporate is taking measures to chop its burn price.

Sandeep Nailwal, the Co-Founding father of Polygon Labs, introduced that the corporate would lay off 20% of its workforce, or about 100 individuals.

“Earlier this yr, we consolidated a number of enterprise items below Polygon Labs. As a part of this course of, we’re sharing the tough information that we’ve decreased our crew by 20%, impacting a number of groups and…

Proceed Studying on DailyCoin