Polygon Labs’ CEO, Marc Boiron, declared that the company is implementing strategic adjustments to optimize its organizational structure, which will result in a reduction of 19% of its staff.

Marc Boiron wrote a post outlining the company’s resolve to radically alter the internet’s environment and enable everyone everywhere to fairly access its worth.

Boiron noted in his post on X, “We are on a mission to fundamentally change the internet so that everyone in the world is empowered to equitably access its value. Building the infrastructure to make that happen is no easy feat.”

Boiron stressed that to fulfill their ambitious goal, they would require the utmost concentration, devotion, efficiency, and agility. To accomplish this, the company decided to reduce the size of its team, letting go of 60 team members, or about 19% of its overall staff.

Boiron emphasized that this choice is motivated more by the desire for improved performance than by financial considerations.

With effect from January 1, 2024, Polygon Labs declared that all employees’ total salaries will increase by at least 15% as a sign of the company’s commitment to the remaining team members.

In addition, Polygon Ventures and Polygon ID, previously a part of Polygon Labs, are scheduled to separate. After changing names to P2 Ventures, Polygon Ventures still focuses on the Polygon ecosystem while making investments in web3 early-stage startups.

The company also disclosed a partnership with Fox Corporation to introduce Verify, a blockchain-based platform that will bargain with AI companies for content licensing agreements.

Leading cryptocurrency firms, including OpenSea, Binance, and Coinbase, all announced layoffs in 2023. Polygon Laboratories similarly made 20% of its job cuts about a year ago.

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