Circle Stands Firm Amidst Wave of Layoffs
Circle Stands Firm Amidst Wave of Layoffs
Circle, the organization behind the second-largest stablecoin USDC, remains committed to expanding its workforce this year, even as many of its peers are slashing operational costs.
According to CFO Jeremy Fox-Geen, Circle plans to grow its team by 25% this year, despite the recent cancellation of its "historic" merger with Concord Acquisition Corp.
The Boston-based company ended 2022 with around 900 employees. While a 25% growth rate may seem modest compared to last year, the number of executives alone has nearly doubled since 2021.
Fox-Geen added:
“We are growing and investing. Fortunately, we have the financial strength to sustain our investments. Circle is growing cautiously and focusing on what matters most.”
In April 2022, Circle raised $400 million with participation from major investors like BlackRock, Fidelity, Marshall Wace, and Fin Capital.
The company is also pursuing an IPO on a U.S. stock exchange through a merger with Concord Acquisition Corp, a Special Purpose Acquisition Company (SPAC). Despite the failed merger, Circle's ambitions remain undeterred.
Last week, Bloomberg reported that Circle was behind the move to report Paxos to U.S. regulators amid the intensifying crackdown on BUSD.
In contrast, many crypto organizations are making the difficult decision to reduce their workforce, including Polygon, Filecoin, Magic Eden, and Microsoft.
