Ethereum scaling platform, Polygon Labs is cutting down on nearly 100 jobs, in what it described as a business consolidation made earlier this year.
The firm, in a statement released on Tuesday, said that the decision forms part of a business consolidation strategy.
“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 about 100 positions,” the statement said.
It allayed any fear of a threat to its treasury.
According to the statement, “Polygon has grown exponentially over the last few years and now includes one of the strongest and largest ecosystems in the space, a vibrant community, and cutting-edge technology.
“The treasury remains healthy, with a balance of more than $250 million and more than 1.9 billion MATIC, and we have crystallized our strategy for the next several years to help drive mass adoption of web3 by scaling Ethereum,”