Circle, the USD Coin (USDC) issuer, plans to grow its staff by 15% to 25% during 2023. It might add up to 225 staff members to 900 work team members.
As per Wall Street Journal report, USDC stablecoin issuer Circle plans to raise its workforce to 25% in 2023 despite widespread layoffs.
The Securities and Exchange Commission terminated Circle’s merger agreement with Concord Acquisition at the end of December 2022. The termination occurred because Circle missed the deadline to send the required documents to the SEC.
According to Circle, the company’s reserve assets in USDC amounted to $44.69 billion as of December 31st. The figures represent an increase from $42.42 billion in the previous year.
Related Reading | USDC Issuer Circle Terminates Planned Acquisition Of Concord Acquisition Corp
As of Tuesday, the volume of issued USDC stablecoins decreased by 20% from the previous year to $42.11 billion. The reason for the decline is reduced investor demand in the crypto market. This information comes from usdc.cool, a stablecoin tracker Web3 development firm M2 Labs provided.
The company behind the USDC stablecoin raised $400 million in funding from prominent investors such as BlackRock and Fidelity Investments. Circle’s total funding now stands at $1.1 billion thanks to this latest round of funding.
Fox-Geen said to WSJ the business intended to use freshly acquired cash to fund expansion projects and investments in its personnel.
Jeremy Fox-Geen states:
“We are growing and investing, and we are fortunate to be in a financial position to be able to sustain our investments,”
Circle Business Plans
Circle is presently working on expanding its commercial operations beyond stablecoin issuance and towards settling deals across several asset classes, including equities.
According to Jeremy Fox-Geen, Circle still intends to go public soon despite recently canceling a merger agreement. The business puts regulatory compliance with US authorities first while watching for more hospitable market circumstances to attract public investors.
Also, Fox-Geen adds the cryptocurrency market needs some distance from the recent disasters of Terra and FTX for public-market investors to reconsider the potential of firms using digital assets.
The extended crypto winter and multiple crypto implosions erased billions from the balance sheets of numerous related companies. These factors were significant contributors to the decline in workforces among crypto firms.
Layoffs Occurred Other Than the Circle
It is important to remember that other layoffs also took place during this time, in addition to the industry-wide ones. Four large corporations, including Google, Amazon, Microsoft, and Salesforce, laid off 48,000 people in January alone.
This article conveys general information and the opinions expressed should not be considered personal advice for any individual or specific security or investment product.