Polygon is counted among the most reputable firms in the blockchain space. It is now looking to explore new opportunities in order to get ahead of its competitors. During the market crash of 2022, several blockchain companies were forced to lay off employees and cut their expenses. These included the likes of Coinbase, Gemini, Crypto.com, and OpenSea. All of them had to minimize their operational costs to deal with the turbulent market conditions.
On the other hand, companies like Binance continued to expand their operations. Its effective financial management led to more hirings and organizational expansion. A similar phenomenon is now observed by Polygon. The company aims to expand in the blockchain arena by making new hirings till 2023.
In an interview, the spokesperson of Polygon, Bhumika Srivastava said that the company is looking to hire around 200 more people this year. The Dubai-based company is looking to enhance the Ethereum blockchain by improving the transaction mechanism. With 200 new hirings, Polygon will mark a 40% increase in its total headcount.
Polygon Appears to be in a Safe Financial Position
Currently, Polygon has about 500 full-time employees. A part of the new hires will join full-time employees while the others will work on a contractual basis. They will be contracted for different projects in the wider ecosystem. Reports suggest that the firm is hiring for the positions of managers, engineers, and other staff to oversee partnerships.
Earlier this year, Polygon made $450 million through the sale of private tokens. Therefore, the company is eyeing the bear crypto market as an opportunity to hire skilled individuals in the ecosystem. However, Srivastava said that it is hard to find developers for Web3 projects and cater to their high salaries. She added,
“It is difficult to hire the quality talent you want, especially as Web3 skills is something that’s still getting built.”
Furthermore, Polygon has gained 30 developers from an NFT token launchpad, One Planet. The firm hired employees from Amazon, YouTube, and Electronic Arts. Srivastava herself joined the company from Airbnb.
According to a report from LinkedIn and OKX Exchange, there is a huge difference in the supply and demand of talent in the blockchain field. It is difficult to recruit employees. Also, the salaries of skilled employees are quite high. Smart contract developers earn an average of $120K and a maximum of $400K. Thus, many companies are unable to afford these salaries.