Polygon (MATIC) To Hire 200 New Employees Despite the Crypto Winter
Polygon (MATIC) is looking to add 200 new employees and increase its workforce by 40% amidst the ongoing crypto bear market that has seen other crypto-based companies initiate staff layoffs.
Polygon (MATIC), the layer two Ethereum scaling and infrastructure project, is planning to expand its staff by 40% in a hiring spree amidst the ongoing crypto bear market.
Polygon currently has 500 full-time employees, and the increment will see 200 new hires join the project as either full-time employees or contractors. In particular, Polygon is looking to hire managers, engineers, and staff to handle its current and future partnerships.
Founded in India and now based in Dubai, Polygon has cash reserves to the tune of $450 million from a private sale of tokens in February.
Web3 Developers are In Demand
Polygon’s head of Human Resources, Bhumika Srivastava, told Bloomberg that the crypto bear market provides a unique hiring opportunity. But, finding talented Web3 developers is challenging, and the best engineers command high salaries.
She said, ‘Overall tech talent is difficult to hire even if it is a Web2 organisation. It is difficult to hire the quality talent you want, especially as Web3 skills is something that’s still getting built.’
Her comments on blockchain engineers echo the overall sentiment in the industry regarding the imbalance between demand for skilled developers and supply. There are simply not enough engineers to go around. As a result, experienced blockchain and Web3 developers can earn between $120k to $400k per year.
Other Crypto Projects are Downsizing During the Bear Market
Polygon’s intentions to increase its workforce are in contrast to a striking pattern of other crypto projects opting to downsize their workforce as the bear market continues to bite.
Notable companies that have reduced their workforce or plan on doing so this year include Coinbase, Gemini, BitPanda, ByBit, Crypto.com, Huobi, and BlockFi, just to name a few.
Binance, OKX, and Poloniex are Still Hiring
However, it is not all gloom and doom, as some crypto companies had prepared for the crypto winter and are looking forward to adding more employees to their team.
For example, the Binance careers page reveals that the crypto exchange seeks to fill 653 roles worldwide. Similarly, OKX has several available openings, and so does the Poloniex crypto exchange.
~ By John P. Njui ~
