USDC stablecoin issuer Circle has disclosed plans to increase its workforce by up to 25% despite canceling its deal to go public, Wall Street Journals (WSJ) reports.
At the end of December 2022, Circle called off its merger deal with Concord Acquisition because it missed its deadline to submit the required files to the Securities and Exchange Commission.
In events leading up to the merger deal, Circle reportedly raised about $400 million to bring its total funding to $1.1 billion. The fundraising efforts increase Circle’s financial position despite the widespread industry liquidity crunch.
Circle finance chief Jeremy Fox-Geen confirmed to WSJ that the firm would utilize the available funds to focus on growth and investing in its workforce.
He said that Circle is looking to increase its workforce by up to 25% — bringing in an additional 225 workers to its 900-member team.
“We are growing and investing and we are fortunate to be in a financial position to be able to sustain our investments,” Fox-Green said.
Circle is working to expand its business operations beyond stablecoin issuance to settling trades in other asset classes like equities.
Fox-Geen said that Circle still intends to go public in the near future. The firm is waiting for better market conditions to attract public investors while working to remain compliant with U.S. regulators.
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