Circle Plan to Increase its Staff by up to 25% Even During Mass Layoff
- Circle is planning to buck the trend of mass layoffs by increasing its staff by up to 25% even during these uncertain times
- This bold move is a testament to the company's commitment to its employees and its dedication to providing quality services
- With this expansion, Circle is poised to become a leader in its industry and to continue to provide its customers with the best possible experience
Circle, the issuer of the USDC stablecoin, is ramping up its staff
The company's plan to expand its workforce comes just months after it mutually decided to abandon its plans to go public through a Special Purpose Acquisition Company (SPAC) merger. This strategic move demonstrates the company's commitment to long-term growth and stability, allowing it to further invest in its workforce and capitalize on new opportunities.
In a sea of layoffs across the industry, USD Coin issuer Circle is bucking the trend by planning to increase its workforce by 15-25% in 2023. According to The Wall Street Journal, 41% of all layoffs in 2023 came from the cryptocurrency industry, with major firms such as Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis and Wyre all making significant employee cuts.
The prolonged crypto winter and several crypto implosions have had a devastating effect on the industry, wiping out billions from the balance sheets of numerous associated companies.
However, But, the widespread layoffs in the cryptocurrency industry were not unique. In January alone, a staggering 48,000 people were let go from just four companies: Google, Amazon, Microsoft and Salesforce. In the face of such adversity, Circle's decision to expand its workforce is a bold move that could pay dividends in the long run.
Circle recently announced its decision to expand its workforce, just months after cancelling its public debut. In December 2022, Circle and Concord Acquisition mutually terminated their plans to go public, which had been announced in July 2021 with a preliminary valuation of $4.5 billion. This valuation was then amended in February 2022, when it ballooned to an impressive $9 billion.
Circle's Chief Financial Officer, Jeremy Fox-Geen, stated that they still intend to go public, but are waiting for more favourable market conditions. He further noted that the crypto industry needs more time to recover from the Terra and FTX implosions, in order for public-market investors to reassess the future of digital-assets businesses.
By the end of 2022, the stablecoin issuer had approximately 900 employees, with plans to expand its headcount by 135-225 in 2023. However, the rate of growth has slowed compared to the previous year, when the number of employees more than doubled in 2021.
Circle-issued USDC is currently the second-largest stablecoin behind Tether, boasting a market cap of $42 billion.
Also Read - SEC Challenges FTX's Plan to Repay Creditors in Stablecoins
