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Impacted employees will be offered two months' of severance pay and health benefits through the end of February in locations where the company provides health benefits.
Polygon will zero in on protocol developers as part of its recently announced grant that seeks to attract Web3 startups to its ecosystem, where it previously primarily focused on Ethereum Virtual Machine (EVM) developers, Nailwal said.
Polygon price has plunged by more than 5% after Polygon Labs, the firm behind the Polygon blockchain announced that it had reduced its workforce by 20%.