The ninth largest cryptocurrency, Polygon, has been affected this week while the currency has lost around $1.63 billion in market capitalization over the past few days.
Polygon Labs on Monday revealed that the company has reduced 100 employees from the organization. However, these individuals will always be a part of the 0xPolygon community.
On 21 February, the official Polygon posted a blog and stated, “Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we are sharing the difficult news that we have reduced our team by 20% impacting multiple teams and about 100 positions.”
Following the report, employees who lose their jobs at Polygon Labs will be eligible to see three months’ severance pay in their bank account, depending on their designation or length of service.
Also read: Polygon Raises $450M By Sequoia Capital India For Web3
MATIC appears affected by this action
Polygon’s native token MATIC observes under pressure as it is continuously moving downwards. At the time, MATIC crypto price traded at the $1.35 mark.
MATIC has lost almost 10% cost from its 60-day high of $1.56. Meanwhile, investors saw losses of $1.63 billion amid the decline. Specifically, if investors bought MATIC at the ATH mark of $2.92, their portfolios would have lost about 54%.
This currency price may reverse to the next conceptual round level of $1.0. On the other hand, the two-month high of $1.56 remains an overhead barrier until it is broken.
