Attention To The Latest Announcement Of This Altcoin! What Does It Mean?

Today’s economic conditions have slowed growth, but not for this altcoin. A new announcement indicates that the project needs a larger team.

Amid economic recession, this altcoin is heading for expansion

In times of economic recession, companies have to reassess their costs and expenditures. In some cases, laying off employees and maintaining profitability is one of the first things businesses do. Snapchat, for example, recently announced that it will cut ties with 20% of its workforce. Peloton followed suit, sacking 20% ​​of its staff. Even electric vehicle maker Rivian has laid off 6% of its employees to reduce rising costs.

Some believe that cryptocurrencies are independent of economic downturns. However, companies in this booming industry are following the same path as their more traditional counterparts. Cryptocurrency exchange Coinbase sent waves to the industry when it announced that it would part ways with about 18% of its employees. Just a few weeks later, NFT marketplace OpenSea released 20% of its employees.

Polygon’s recruiting spree

Still, there is one blockchain company that is taking a different route to prepare for the next bull market. Polygon announced on September 8 that they will increase their workforce by 200 employees, or about 40%. As Layer 2, Polygon streamlines Ethereum by processing transactions on its own network. It then adds the transactions to the Ethereum Blockchain. In doing so, Polygon users gain access to increased speeds and minimized fees while maintaining the decentralization and security of Ethereum.

The goal of the hiring spree is to hire a diversified mix of contract and full-time workers to capitalize on the frustrations other crypto companies have suffered since the market took a dip this year. Targeted positions include software engineers, project managers, and other staff members to manage future partnerships. As many companies seem to want to consolidate their operations, Polygon is adding talent and resources in hopes of solidifying itself as the dominant blockchain for all things Web3.

Partnerships such as Coca-Cola and Disney should not be ignored in this success.

Based on its achievements in 2022, even in the bear market, all signs point to Polygon meeting that goal. In addition to a new $450 million fundraising round, Coca-Cola has partnered with some high-profile companies such as Disney, Meta, Robinhood.

As Kriptokoin.com, we have conveyed the details of the Polygon and Disney partnership in this article.

Polygon’s Blockchain is becoming a favorite for NFTs due to its low fees and fast speeds. Last month, Coca-Cola launched a surprise NFT set on Polygon. In May, Meta announced that Polygon-based NFTs would be coming to Instagram and Facebook. Arguably the most important NFT development came this August when OpenSea decided to offer Polygon NFTs.

Much more than NFTs

However, Polygon’s capabilities cover much more than just supporting NFTs. Polygon’s ultimate goal is to be the home of the new era of the internet known as Web3. Based on comments from Polygon developers, they believe Ethereum will become Web3’s primary Blockchain. But for Ethereum to reach the masses cost effectively and Web3 to go mainstream, Polygon will need to be used.

With the additional staff and resources that the altcoin project has achieved so far in 2022, the project should achieve its goal in the coming years. Considering all the partnerships and developments Polygon has made this year, it is surprising that its native token MATIC has dropped more than 70% from its all-time high.