Polygon Labs Eliminates 19% of Crypto Firm’s Workforce (1)

Polygon Labs, the main software developer behind the namesake blockchain project, fired 60 employees, of about 19% of its workforce.

The move comes amid mass layoffs in the technology industry and elsewhere, with companies such as Microsoft, Amazon and Jack Dorsey’s Block announcing thousands of job cuts.

The software company has one of the most popular scaling solutions to make the second largest and most commercially important blockchain, Ethereum, more efficient. Polygon’s native token MATIC is among the largest cryptocurrencies by market value.

Buffeted by regulatory uncertainties and a decline in venture capital investments since the digital-asset ...