Summary
Polygon Labs, a blockchain development company, has announced a major restructuring that includes cutting team members and spinning off two units. The move is aimed at taking the company back to its “underdog” roots, according to founder Sandeep Nailwal. The restructured company will focus on building a “planetary scale” blockchain network. As part of the restructuring, Polygon Ventures and Polygon ID will operate as separate entities, providing increased autonomy and support for blockchain startups. Despite the job cuts, remaining employees will receive a minimum of a 15% salary increase.
Key Points
1. Polygon Labs is undergoing a major restructuring, which includes cutting team members and spinning off two units. The company aims to create a smaller and more agile team.
2. Founder Sandeep Nailwal stated that the restructuring is necessary to bring the company back to its “underdog” roots.
3. As part of the restructuring, Polygon Ventures and Polygon ID will operate as separate entities, providing increased autonomy and support for innovative blockchain startups and decentralized identity solutions respectively.