Bloomberg: Polygon to expand its staff despite the market downturn

Ethereum scaling solution Polygon plans to continue hiring despite the bear market and choppy macro conditions, as its HR exec told Bloomberg this week. She said the company aims to add 200 people to its team by the end of the year. Meanwhile, Polygon raised $450 million this year through a token sale.

According to an interview published by Bloomberg, Polygon plans to increase its overall headcount by over 40%.

Bhumika Srivastava, Polygon’s head of human resources, said the company hopes to capitalize on the misfortune of other companies in the crypto sector.

She noted that the firm will use the bear market as an opportunity to hire, although the hiring landscape is difficult to navigate at present.

“It is difficult to hire the quality talent you want, especially as Web3 skills is something that’s still getting built,” Srivastava said.

For now, Polygon is well-conditioned to expand its staff after raising $450 million in a private token sale this February. The sale was led by Sequoia Capital India, with more than 40 other investors, such as SoftBank Vision Fund 2, Alameda Research, Tiger Global, Kevin O’Leary, Galaxy Digital, Alan Howard, Sino Global Capital, Digital Currency Group, Accel, Dragonfly Capital, and Union Square Ventures. 

Previously, Polygon announced its plans to allocate $100 million to its ecosystem fund and about $10 million each per year to its various scaling products, including Miden, Zero, Hermez, and Nightfall. 

This summer, about 50 projects built on Terra, including the NFT marketplace OnePlanet and metaverse game Derby Stars, have migrated to Polygon. This follows notorious Terra’s collapse, which wiped out billions of dollars in value, leaving dozens of projects homeless.

Recently, UAE-based Middle East crypto exchange BitOasis said it laid off some of its staff in the face of market turmoil, while Binance has listed over two dozen openings in the Emirates.