Polygon (MATIC) to Increase Staff by 40 Percent During Crypto Winter
In light of the ongoing crypto winter, Polygon wants to significantly increase its recruiting by adding up to 40% to its current worker composition.
According to Bloomberg, Polygon (MATIC), a scaling and infrastructure platform for Ethereum (ETH), plans to hire an additional 40 percent of staff or around 200 individuals.
Polygon, with headquarters in Dubai, now has over 500 full-time employees spread throughout the world. The organization is advertising for both part-time and full-time staff members.
Overall, it’s challenging to acquire tech expertise even if your company is Web 2.0. Bloomberg cited Bhumika Srivastava, global head of HR, as stating, “It is challenging to recruit the best people you want, particularly when Web3 capabilities is something that is currently becoming established.”
The platform’s news follows widespread layoffs in the sector as a result of the market decline, or “crypto winter.”
In July, Coinbase, one of the oldest and largest cryptocurrency exchanges, said it will be laying off 18% of its workforce, or over 1,100 individuals.
He said that there were two factors contributing to the conclusion. Armstrong claims that the market expanded too rapidly, saying, “by the beginning of 2021, we had 1,250 people,” but that the organization also developed a unique approach to handling business during the “winters” (which apparently includes hiring a lot of employees).
Armstrong thinks the world economy has entered a recession, which “may lead to another crypto winter, and might endure for a lengthy time,” and so could cause a major drop in income.
The team’s choice may have been well-informed, but it was poorly implemented; many workers “didn’t get a chance to say goodbye” since they were locked out of their computers with no notice.
BitPanda, ByBit, Crypto.com, Huobi, Gemini, BlockFi, and other large companies also made unanticipated layoffs during this market decline.