(Reuters) – Cryptocurrency firm Polygon Labs plans to cut 60 jobs globally, or about 19% of its workforce, the company said in a blog post on Thursday, marking a second round of layoffs amid a nascent recovery in digital assets.
The company, which helps make digital coin Ethereum more accessible, let go 100 employees in February last year, following an industry-wide rout that wiped away trillions of dollars.
Affected employees will receive two months of severance and health benefits through the end of February in locations where the company provides them, the post said.
The total compensation of remaining employees will also be increased by at least 15% while new recruits will receive a 5% rise, it added.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.