Polygon (MATIC) is set to increase its workforce by 40%, that is around 200 people, in different capacities, part-time and full-time included.
Bhumika Srivastava, Polygon’s global head of HR, said tech talent is difficult to hire even if it is a Web2 organization. Polygon is an Ethereum scaling and infrastructure platform. Srivastava acknowledged that it’s difficult to hire quality talent, especially as Web3 skills are something that’s still getting built. Polygon’s hiring spree comes amid a crypto winter with the industry’s overall layoffs following the market downtrend.
This shows that Polygon and its investors have a positive outlook on its future and ability to survive the current market conditions. Polygon’s decision can also be attributed to the highly anticipated Ethereum network transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism. The Merge is scheduled for September 13 – 15.
Meanwhile, the 2022 crypto winter has been one of the worst. Coinbase laid off 18% (1,100) of its employees in July. Brian Armstrong, the CEO, said Coinbase made the decision after multiple discussions with management over the preceding month across all teams to ensure the company stays healthy during the economic downturn. Armstrong said Coinbase grew too much too quickly at the beginning of 2021. He believes another crypto winter is around the corner as the global economy has entered a recession.