Polygon Labs Lays Off 19% of Staff, Spins Out ID Team, Raises Pay amid Company Restructuring
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Polygon Labs cuts 60 roles, about 19% of staff, citing need for "enhanced performance"
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Comes less than a year after 20% staff cuts in February 2023 amid restructuring
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Polygon ID team spinning out into separate firm in coming months
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Remaining staff get minimum 15% pay raise, eliminate geo-pay models
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CEO says "challenging decisions" needed to execute mission, despite difficulty