Polygon Labs on Thursday announced that it was going to spin off its Polygon ID division to focus on “core protocol development work”. The developer also said that it will lay off around 19% of its workforce in an attempt to enhance performance.
Polygon Labs to spinoff identity division
Marc Boiron, CEO of Polygon Labs in a blog post said the software solutions company was planning to spin off its Polygon Identity division. According to the post the spin-off has spurred from the firm’s strategy of focusing the Polygon Labs team on core protocol development work. The spin-off comes after the Ethereum-focused developer had previously decided to let go of its Polygon Ventures team at the end of last year
Layoffs reach the Web3 community
Polygon Labs also announced its decision to cut roughly 19% of jobs. The layoffs are likely to impact 60 teammates and mark the second set of staff reductions for the firm.
Additionally, the company clarified that the reduction in workforce was not d
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