Barry Tech Review

Best review technology by Barry

Despite the crypto winter, Layer 2 Polygon uses its cash hoard for a hiring spree

Despite the crypto winter, Layer 2 Polygon uses its cash hoard for a hiring spree


According to a report from Bloomberg News, Polygon will increase its personnel by 40% in order to make the most of the millions of dollars it has raised.

As the Web3 ecosystem is still being developed, Bhumika Srivastava, a project spokesman, told Bloomberg that recruiters are still having trouble sourcing talent for Web3 efforts.

Despite being in the midst of a harsh crypto winter that has seen many firms blow up and the value of even the strongest tokens in the space more than halve, this hiring frenzy would result in almost 200 new employees joining the company.

Recently, Polygon has hired personnel from Web2 companies, including former workers from illustrious companies like Amazon (AMZN), Alphabet (GOOG), and Electronic Arts. Ryan Watt, the former Head of Gaming at YouTube, was appointed Chief Executive Officer of the cryptocurrency project at the start of the year, making him one of the year’s most notable hires.

Former employees of Crypto.com have said that the company has been hiding the number of employees fired so far this year. The company has refuted these allegations, but has been reticent to release current information on its workforce. Since the platform is a private organisation, it is not required to share these statistics.

The trading volumes for digital assets have decreased compared to 2020 and 2021, which has led to employee layoffs at a number of crypto companies like Gemini, Crypto.com, and OpenSea.

In February, Polygon raised $450 million from institutional investors.
Through a private token sale in February of this year, Polygon received $450 million from investors. Sequoia Capital India served as the capital round’s lead investor and included industry titans Galaxy Digital, Alameda Research, and SoftBank among others.

Institutional investors took part in the capital round for an Ethereum scaling solution for the first time, which sent a clear message about the growing interest in Web3 projects.

Recently, there has also been an increase in institutional support for Polygon and its creative solution. The initiative was chosen in July of this year to take part in the Disney 2022 Accelerator Program, and top coffee company Starbucks has teamed with Polygon as it introduces an NFT-based loyalty programme. coffee shop polygon
This year, many rollups have gained support from both investors and the cryptocurrency community, continuing the trend of scaling solutions. Many layer-one protocols, like Cardano (ADA) and Solana (SOL), which have all been dubbed potential “Ethereum Killers,” were first developed.

Former employees of Crypto.com have said that the company has been hiding the number of employees fired so far this year. The company has refuted these allegations, but has been reticent to release current information on its workforce. Since the platform is a private organisation, it is not required to share these statistics. In February, Polygon raised $450 million from institutional investors.
Through a private token sale in February of this year, Polygon received $450 million from investors. Sequoia Capital India served as the capital round’s lead investor and included industry titans Galaxy Digital, Alameda Research, and SoftBank among others.

The network is said to have handled 1.3 billion transactions so far. Additionally, the service has been used by 130 million different wallets, yielding about 2.7 million monthly active users. Instead than trying to destroy Ethereum, Polygon wants to aid the network in realising its full potential. Despite the project’s numerous victories, the MATIC native token of the Polygon network has lost approximately 64% of its value since the year began as the crypto winter has decimated the worth of even the most promising ventures in the market.

In the meantime, the price of MATIC has decreased 1% over the last day to $7.86 as the market’s perception of high-risk assets like cryptocurrencies is hampered by a difficult financial background.

News Summary:

  • Despite the crypto winter, Layer 2 Polygon uses its cash hoard for a hiring spree
  • Check all news and articles from the latest Business news updates.

Leave a Reply

Your email address will not be published.