It is well known that cryptocurrency projects often revolve around a problem or a solution to an existing problem. Undoubtedly, MATIC was a very successful coin project that came to the fore then. Recently, bad news from the working team surprised the market.
Is MATIC Preparing a Layoff Plan?
Today Polygon (MATIC), one of the most successful cryptocurrency initiatives in the last eight months, released disappointing news. 2022 has hurt them, too. Although the MATIC Coin price has not suffered any significant loss, Polygon Labs cannot maintain its employment power. Since June, almost all Bitcoin exchanges and other crypto-related companies have announced layoff plans.
MATIC Coin Updates
Today, Polygon Labs announced plans to lay off about 100 employees, representing 20% of its workforce. The layoffs come at a time when the crypto industry is trying to recover from the effects of the FTX bubble and subsequent decline.
“Earlier this year, we combined several business units to form Polygon Labs. As part of this process, we are announcing a 20% reduction in our workforce, affecting multiple teams and approximately 100 positions.”
Management stressed that the company is already financially stable. They emphasized that the treasury is backed by more than $250 million and 1.9 billion MATIC Coins.
The Future of MATIC Coin
The announcement came months after the company’s human resources chief said the company was planning a pay raise of about 40 percent for all employees. Bhumika Srivastava said the company wanted to capitalize on the misfortune of its competitors. Meanwhile, sentiment in the cryptocurrency market and the economy as a whole has deteriorated.
The fall of FTX led to a general decline in cryptocurrency values, and regulatory uncertainty led to a blind war. The SEC filed lawsuits against crypto companies it had not previously overseen.
IT companies unrelated to cryptocurrencies also saw layoffs worldwide since last June. The Fed’s restrictive monetary policy and specific crypto issues have caused the layoffs to increase exponentially.
On the other hand, MATIC Coin has been successful for some time. The mainnet is expected to launch next month, and its zero-knowledge proof-of-stake solution is expected to address privacy concerns largely. This suggests that interest in the network could increase. However, negotiations with billion-dollar companies are still ongoing.
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