Polygon Plans Massive Recruitment Before Year End – Report

Ethereum-layer 2 scaling platform Polygon is planning to go on a recruitment spree as it looks to capitalize on the woes of other crypto firms that have reduced headcount.

According to a Bloomberg report, the platform intends to add about 200 employees to its current team. This represents 40% of its current headcount.

Polygon capitalizes on bear market

The firm is looking to tap from the pool of talent available in the space due to the market crash that has forced many crypto firms to reduce headcount among other measures to remain operational.

Recall that crypto startups including Coinbase, ByBit, and Bullish in recent months have all downsized in response to the heat of the market crash and exposure to the Terra-Luna crash.  

Fresh off a $450 million token sale in February, the firm plans to recruit managers, engineers, and employees to scale the advancement of the Polygon ecosystem.

Established in India with an operational base in Dubai, Polygon’s new hires will come from remote locations all around the world.

According to HR Head Bhumika Srivastava, the web3 ecosystem is still developing and the current bear market presents a recruitment opportunity for the firm as “it’s difficult to find high-quality expertise”.

To buttress Srivastava’s claim, a recent analysis from the job listing website LinkedIn reveals that there is an imbalance in the supply and demand chain for services of experienced and qualified individuals. 

As a result, the services of the few professionals available are highly-priced. According to the job listing portal, the average annual pay for this personnel ranges from $101,000 to $400,000 depending on their experience.

Before now, Polygon had onboarded 30 developers from One Planet, an NFT launchpad that migrated to Polygon following the crash of the Terra stablecoin. There are also talks to absorb 60 projects from Terra to its own ecosystem.

Crypto startups maximize the bear market

While many crypto firms downsized to remain operational, a few others seized the chance to strengthen their team.

Recently, Revolut announced its plans to increase its staff strength by 20% in the coming months. The firm plans to fill 230 positions across several fields.

Also, former Commissioner of the United States Commodity Futures Trading Commission (CFTC) Jill Sommers joined FTX US to lead operations.