Alejandro Arrieche
Polygon is expected to ramp up its headcount by 40% according to a report from Bloomberg News to put to good use the millions of dollars it recently raised.
This hiring spree would result in approximately 200 new employees joining the firm, despite being in the midst of a severe crypto winter that has seen multiple firms blowing up and the value of even the strongest tokens in the space more than halving.
Bhumika Srivastava, a spokesperson for the project, told Bloomberg that recruiters are still having a hard time finding talent for Web3 initiatives as the ecosystem is still being built.
Polygon has tapped talent from Web2 firms lately, including former employees of prominent corporations like Amazon (AMZN), Alphabet (GOOG), and Electronic Arts. One of the most prominent hires of this year was Ryan Watt, the former Head of Gaming at YouTube, who was appointed Chief Executive Officer of the crypto project at the beginning of the year.
In contrast, several firms in the crypto space such as Gemini, Crypto.com, and OpenSea have been laying off employees as trading volumes for digital assets have plummeted compared to 2020 and 2021.
In the case of Crypto.com, former employees have accused the firm of concealing the number of workers that have been sacked so far this year – the firm denied these reports but has been reluctant to provide updated figures concerning its headcount. The platform is not obligated to provide these stats as it is a private entity.
Polygon Raised $450M in February from Institutional Investors
In February this year, Polygon raised $450 million from investors through a private token sale. The funding round was led by Sequoia Capital India and counted on the participation of several investment powerhouses such as Galaxy Digital, Alameda Research, and SoftBank.
It was the first time that institutional investors participated in a capital raise for an Ethereum-scaling solution and provided a strong signal that interest in Web3 initiatives are growing.
Institutional support for Polygon and its innovative solution has also been growing lately. In July this year, the project was selected to participate in the Disney 2022 Accelerator Program, while leading coffee multinational Starbucks has partnered with Polygon as it launches an NFT-based loyalty scheme.
Scaling solutions have been trending this year with multiple rollups finding support from both investors and the crypto community. In the beginning, several layer-one protocols were created such as Cardano (ADA) and Solana (SOL), all of which have been considered potential ‘Ethereum Killers’.
However, these platforms have experienced some hiccups along the way and that has led to the creation of layer-two protocols that seek to help the Ethereum network in scaling beyond its natural capabilities.
Polygon’s MATIC Suffers Despite the Project’s Many Wins
Polygon offers a fully compatible side chain that offers higher transaction speeds and lower fees compared to the smart contracts network mainnet. According to its website, the network can process as many as 7,000 transactions per second compared to only 15 per second that the Ethereum mainnet can validate.
Thus far, the network has reportedly processed 1.3 billion transactions. In addition, 130 million unique wallets have been using the solution resulting in approximately 2.7 million monthly active users. Rather than killing Ethereum, Polygon’s goal is to help the network in reaching its full potential.
Despite the project’s many wins, the value of the native token of the Polygon network, MATIC, has declined by nearly 64% since the year started as the crypto winter has ravaged the valuation of even the most promising projects in the space.
Meanwhile, the price of MATIC is dropping 1% in the past 24 hours to $7.86 as a challenging macroeconomic backdrop continues to weigh on the market’s sentiment toward high-risk assets such as cryptocurrencies.
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This article was written for Business 2 Community by Alejandro Arrieche.
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