Circle, the company behind stablecoin USD Coin (USDC),
has announced that it is reducing staff and cutting investments in non-core
business activities. At the same time, the company is reportedly identifying
new investment opportunities and hiring staff in the core businesses.
Circle joins a growing list of cryptocurrency firms that
have recently reduced their staff to cut expenses and boost their balance
sheets. Coinbase, Kraken, Gemini, and Bybit are some of the companies that have announced similar steps.
Jeremy Fox-Geen,
Circle’s Chief Finance Officer, told the Wall Street Journal early this year
that the company plans to increase its workforce by as much as 25%. At the end
of last year, Circle had approximately 900 employees, the media publication
reported.
“We are growing and
investing, and we are fortunate to be in a financial position to sustain our
investments,” Fox-Geen told the Wall Street Journal. “We have slowed
down growth prudentially and are focused on what matters most.”
Focusing on Global
Expansion
Circle is focusing on expanding its presence globally,
especially in Asia. The company announced in June that it had obtained
a Major Payment Institution (MPI) license from the Monetary Authority of Singapore
(MAS). The…
