Category: News, NFT News

Polygon Labs Cuts 60 Team Members and Spins-Off Two Units

Founder Sandeep Nailwal said move was necessary to take company back to its “underdog” roots.

Polygon Labs, which develops an ecosystem of blockchains, today announced it is cutting team members and spinning off two units in a major restructuring .

Polygon Labs’ restructuring involves a 60-person reduction in team size. The restructured Polygon Labs will now consist of approximately 220 team members, focusing on the collective goal of building a “planetary scale” blockchain network, founder Sandeep Nailwal said in an X post.

The move was necessary to take company back to its “underdog” roots, Nailwal said.

Polygon’s POL token is down 2.3% today, while its MATIC token is down 1.6%, in line with BTC and ETH.