Ethereum (ETH) scaling solution Polygon (MATIC) is reportedly planning to aggressively hire more workers to take advantage of the crypto downturn this year.
According to a new report by Bloomberg, Polygon is going to broaden its workforce by 40% in the coming months to capitalize on the availability of talent after a number of crypto companies either laid off employees or imposed a hiring freeze this year.
Polygon, which raised $450 million through the sales of private tokens in February, currently has around 500 full-time employees that work from remote locations.
The company says it’s going to be hiring about 200 managers, engineers and staff for overseeing partnerships. Furthermore, Polygon plans to add high-quality Web3 developers, which they say are expensive to hire and difficult to come by, according to the report.
Says Bhumika Srivastava, Polygon’s head of human resources,
“Overall tech talent is difficult to hire even if it is a Web2 organization. It is difficult to hire the quality talent you want, especially as Web3 skills is something that’s still getting built.”
Previously, Polygon siphoned 30 developers from non-fungible token (NFT) launchpad OnePlanet, according to Srivastava. Polygon’s human resources head also says that they have attracted talent from big tech firms including Amazon, Electronic Arts and YouTube.
Polygon’s hiring spree comes months after many crypto exchange platforms, including Coinbase, Gemini, and Crypto.com, announced that they would be reducing their workforces.
MATIC is changing hands for $0.90 at time of writing, a 1.7% increase during the last 24 hours.
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FAQs
Polygon began as the Matic Network in 2017, co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.
What is Polygon crypto? ›
Definition. Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network's native cryptocurrency, which is used for fees, staking, and more.
What is the MATIC? ›
MATIC is the native cryptocurrency of the Polygon network. It's used to pay for transactions on the blockchain and for staking, which is crucial in securing the network, rewarding participants with MATIC tokens for their valuable contributions.
What is the supply limit for Polygon MATIC? ›
MATIC tokens are released on a monthly basis. MATIC currently has a circulating supply of 4,877,830,774 MATIC tokens and a max supply of 10,000,000,000 MATIC tokens.
What company owns Polygon? ›
Polygon is an American entertainment website covering video games and popular culture by Vox Media.
Who owns the most MATIC? ›
Further analysis highlighted that Polygon was the biggest Polygon holder with approximately 5.08 billion tokens. Among other top holders of Polygon, Binance (BNB), the world's largest cryptocurrency exchange, was the second largest Polygon holder with 4.66% of the current circulating supply.
Is Polygon crypto worth buying? ›
During the last bull market, Polygon stood out as one of the most promising Crypto projects, offering an alternative solution for when ETH gas fees were high. Polygon addresses many of Ethereum's scalability issues. MATIC is ranked 15th in order of top Cryptocurrencies by market capitalisation.
What will a Polygon be worth in 2025? ›
Why is Polygon so good? ›
The Polygon architecture is designed to make Ethereum more efficient. By executing transactions off-chain and then batching them into Ethereum, congestion is reduced and transactions speed up and costs come down. This benefit is especially useful to DeFi app developers and NFT marketplaces where timing and fees matter.
Who is the owner of MATIC Polygon? ›
Jaynti Kanani is the cofounder of Polygon (formerly Matic Network), the first made-in-India cryptocurrency unicorn. Polygon ranks among the top 20 biggest cryptos globally and has become a massive hit in India.
Polygon raised about $450 million through a private sale of its native MATIC token in a funding round led by Sequoia Capital India with participation from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and prominent investors like Alan Howard (co-founder, Brevan Howard) and ...
Who is backing Polygon? ›
Financial Backing for Polygon
One notable backer of Polygon is Coinbase Ventures. This strategic support from Coinbase Ventures, the investment arm of the leading cryptocurrency exchange Coinbase, has significantly strengthened Polygon's position in the blockchain ecosystem.
Who has partnered with Polygon? ›
Top 10 Global Partnerships of Polygon. Polygon has emerged as one of the leading blockchain service providers that have formed strategic alliances across many esteemed global brands. Notably, companies like Nike, Starbucks, and Reddit have forayed into the world of Web3 with their versions of non-fungible tokens (NFT).
