Despite the ongoing crypto market bear cycle, which has forced many crypto companies to lay off workers, Ethereum scaling solution Polygon (MATIC) plans on increasing its workforce by an aggressive 40%, a Bloomberg report stated.
The Dubai-based crypto solution platform currently employs about 500 people who work full-time around the globe and is looking to grow its workforce in different capacities.
Commenting on the latest development, the global head of HR at Polygon Bhumika Srivastava noted:
“Overall, tech talent is difficult to hire even if it is a Web2 organization. It is difficult to hire the quality talent you want, especially as Web3 skills is something that’s still getting built.”
Polygon’s hiring plans indicate a strong positive outlook for the future of the company, as it highlights investors’ confidence the project will survive the current market downturn. This comes amid growing excitement around Ethereum's transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
Ethereum Merge to Reduce Polygon’s Carbon Footprint
On the Ethereum upgrade, a statement revealed that Polygon expects to shed a significant amount of its carbon footprint with the upcoming Merge. According to research by Polygon dated from August 2021 to July 2022, the network contributes 0.48% of Ethereum's total carbon output of 12,721,000 metric tons of carbon.
MATIC Price Analysis
While the broader market shows signs of a bullish rebound, MATIC remained on the defense as it swayed within a sideways pattern. The cryptocurrency remained in a range-bound action since mid-August, between the $0.9000 resistance zone to the $0.7500 support area.
That said, a possible bullish breakout above $0.9000 should prompt a steady rebound towards the $1.2500 mark as the general market continues on its quest to end the bear cycle.
MATIC Statistics Data
MATIC Current Price: $0.8389
MATIC Market Cap: $7.3B
MATIC Circulating Supply: 8.73B
MATIC Total Supply: 10B
MATIC Market Ranking: #12
This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.