Polygon lays off 20% staff as crypto blues continue

Polygon, a secondary scaling solution provider founded by three Indians for Ethereum blockchain, has laid off 20% of its team, impacting 100 employees, the firm’s cofounder Sandeep Nailwal said in a blogpost on Tuesday.

He said the layoffs are part of a restructuring of the layer-2 blockchain company.

The development comes at a time when the cryptocurrency sector has been witnessing a prolonged down-cycle.