Breaking: Polygon Labs Cuts Staff, Community Concerned Over Spending

Polygon MATIC News: Citing consolidation of business units, Polygon Labs announced it was reducing staff count by 20%. This would impact around 100 employees, who would receive a three month severance pay as part of the consolidation. However, the crypto community raised concerns about its treasury, which the company said was at a balance of $250 million besides MATIC assets. The Polygon Labs explained that huge spending were made on the Polygon ecosystem projects.

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Polygon Labs Cutting Staff

The crypto market witnessed a spree of layoffs with bigwigs like Coinbase laying off employees over the last few months, as the crypto winter had only worsened. Meanwhile, the crypto community raised questions about the spending by Polygon team, in the wake of the layoffs. The Polygon founders said in a statement that their treasury remained healthy. They have a balance of more than $250 million and more than 1.9 billion in $MATIC. However, the crypto community wanted to know about the $450 million it raised in early 2022.

Reacting to this, Ryan Wyatt, the president at Polygon Labs, said a majority of the $200 million was spent on ecosystem projects and ecosystem fund.

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