Analyzing Polygon’s eventful 2022 as layoffs raise questions
Polygon Labs, the developer company behind leading sidechain Polygon [MATIC], announced on 21 February that, at the beginning of the year, the company consolidated multiple business units, which resulted in a 20% reduction in its team.
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While 2022 remained a significantly bearish year that saw the collapse of many crypto projects, in February last year, Polygon Labs completed its first major financing round of $450 million.
As reported , the private token event saw the involvement of a number of investors, including Tiger Global, SoftBank, Galaxy Digital, Republic Capital, Makers Fund, Alameda Research, Alan Howard, Dune Ventures, Seven Seven Six (founded by Alexis Ohanian), Steadview Capital, Unacademy, Elevation Capital, Animoca Brands, Spartan Fund, Dragonfly Capital, Variant Fund, Sino Global Capital, and Kevin O’Leary.
<p lang=«en» dir=«ltr» xml:lang=«en»>Polygon has grown exponentially.To continue on this path of stupendous growth we have crystallized our strategy for the next 5 yrs to drive mass adoption of web3 by scaling Ethereum.
Our treasury remains healthy with a balance of over $250 million and over 1.9 billion MATIC
— Sandeep | Polygon
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