The crypto industry is facing a tough bear market, resulting in significant losses and leading to downsizing across various companies, including major exchanges. Polygon (MATIC) has become the latest entity to announce a reduction in its workforce.
Polygon’s Strategic Workforce Reduction
Polygon Labs is reducing its staff by 60 positions, which is about 19% of its team. This decision is aimed at enhancing performance rather than cutting costs. Additionally, the team responsible for Polygon ID will depart from the company in the near future.
The downsizing at Polygon is not a new trend, as a similar 20% staff cut occurred last year. However, the current reduction is causing confusion, especially with upcoming updates on the horizon.
Polygon Labs CEO Marc Boiron emphasized the difficulty of the decision, stating that tough choices are necessary to advance their mission and prioritize success.
Despite the workforce reduction, MATIC has performed relatively well, especially in the latter half of 2022, due to strong marketing efforts. However, the price of MATIC has recently fallen, and its recovery is contingent on the broader market trend, with a potential rise to $0.89 or even a medium-term goal of $1.1 if positive momentum continues.