Ether scaling platform Polygon slashes 20% of headcount as bear market takes toll

Polygon Labs has reduced its workforce by 20%, or around 100 jobs, as part of the ethereum ( ETH-USD ) scaling platform's efforts to consolidate a number of its units amid the fallout from the collapse of crypto exchange FTX ( FTT-USD ), according to a release dated Tuesday. MATIC ( MATIC-USD ), the native token of Polygon, slid as much as 6.1% to $1.37 earlier in the session amid a broader risk-off day. Sandeep Nailwal, the company's co-founder, took to Twitter saying the impacted staff will each receive three months of severance pay. The job cuts add to a growing list of crypto-focused firms that have trimmed their headcount to put a lid on costs. Towards the end of January, crypto exchange Luno cut 35% of its workforce . He said he will join its weekly Community call on Discord on Wednesday to "address any doubts any community members might have." Overall, "our treasury remains healthy with a balance of over $250 million and over 1.9 billion MATIC." Earlier, CoinShares reported that MATIC saw weekly outflows of $800K .