Polygon (MATIC-USD) is a hot topic among crypto traders today after the blockchain company announced layoffs.
The news traders need to know about is Polygon cutting roughly 100 workers, which comes to about 20% of its workforce. The company says these layoffs affect several of its teams and were a necessary move.
Polygon is offering three months of severance pay to employees that are included in the layoffs. The company points out that this is for all affected employees, no matter their position or length of employment at the crypto company.
The company included the following statement in a post explaining the layoffs:
“Our departing teammates have played an historic part in building the Polygon technology and ecosystem to be the globally recognized blockchain that it is today. These individuals will always be a part of the 0xPolygon community and we sincerely thank each and every one of them.”
Polygon Joins Layoffs Trend
Polygon is far from the only company laying off employees in 2023. Others in the crypto space have cut jobs as they deal with an ongoing crypto winter. The drama surrounding FTX late last year also hasn’t helped the crypto market.
We’re also seeing several layoffs from other companies. Specifically, tech companies are being hit hard as inflation, rising interest rates and economic concerns weigh on them.
MATIC is down 2.5% over the prior 24-hour period as of Wednesday morning.
There’s even more market news traders will want to know about today below!
We’ve got all of the latest happenings that investors need to know about on Wednesday. That coverage includes why shares of Esports Entertainment (NASDAQ:GMBL), CoStar (NASDAQ:CSGP) and BiomX (NYSEMKT:PHGE) stock today. You can catch up on all of that news at the following links!
More Wednesday Market News
- GMBL Stock: What to Know as Esports Entertainment’s Reverse Stock Split Takes Effect
- Why Is CoStar (CSGP) Stock Down 11% Today?
- Why Is BiomX (PHGE) Stock Down 11% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.