Polymarket has laid off staff and ended a number of contractor agreements as a part of a broader firm restructuring. Cuts have primarily affected its advertising, buyer expertise, and engineering groups.
The corporate stated that the transfer comes because it prepares for its subsequent section of development.
Newest Shake-Up
Greater than half of these affected had been contractors, whereas some full-time staff had been additionally let go, in keeping with FOX Enterprise. Polymarket additionally pushed again in opposition to experiences claiming that round 30% of its workforce had been lower, and described that determine as inaccurate. Nonetheless, the corporate has not shared what number of staff or contractors had been affected general.
The layoffs got here into focus after an inside e-mail informing contractors in regards to the termination of their agreements began circulating on X. In keeping with Reuters, the e-mail acknowledged that their contracts would finish efficient November 4, 2026, underneath a company-wide discount in pressure. The e-mail was particularly despatched to contractors moderately than full-time employees.
The restructuring comes alongside a number of management modifications at Polymarket. Warren Jenson joined as the corporate’s first chief monetary officer in September, whereas former Uber govt Travis VanderZanden got here on board as chief development officer earlier this yr.
The Greater Image
Prediction markets, as an entire, are seeing a pointy rise in buying and selling exercise. In keeping with a latest report by Predicted, the sector recorded $194.1 billion in notional buying and selling quantity through the third quarter of 2026, up 75% from the earlier quarter and its greatest quarter on document.
Polymarket and Kalshi collectively accounted for 91% of that quantity, though their efficiency moved in several instructions. Kalshi’s quantity greater than doubled to $141.9 billion. Polymarket US, alternatively, grew 2.4 instances to $17.3 billion, and overtook its worldwide platform, which recorded $17.1 billion after a 36% decline.
The report additionally discovered that US-regulated exchanges accounted for 89% of whole buying and selling quantity, up from 69% in Q2. Regardless of the soar in buying and selling exercise, search demand for prediction markets fell 41% through the quarter. Polymarket continued to guide search curiosity in 43 US states, whereas Kalshi gained floor and took the lead within the remaining seven.
The put up Polymarket Lays Off Staff and Ends Contractor Offers, Denies Reviews of 30% Workforce Cuts appeared first on CryptoPotato.