Circle Plans to Expand Workforce by 25% Amidst Layoff Season

Circle Internet Finance Ltd., a cryptocurrency service provider, is moving forward with its development plans despite the recent cancellation of its public offering and industry-wide layoffs. After delaying its public launch for a few months, the company has decided to expand its workforce.

According to finance director Jeremy Fox-Geen, the company aims to increase its employee base by as much as 25% this year.

In 2023, the cryptocurrency sector accounted for 41% of all layoffs. Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis, and Wyre are notable cryptocurrency companies that have undergone significant staff reductions.

Reports indicate that the Boston-based firm that provides the USD stablecoin (USDC), had about 900 employees at the end of last year and expects to increase its workforce by 15% to 25% in 2023, translating to 135 to 225 employees. This is a lower growth rate than the previous year when the headcount almost doubled from 2021.

According to Fox-Geen, Circle is growing and investing and is fortunate to be able to maintain its assets. He added that the stablecoin issuer has prudently restrained growth and are concentrating on what matters.

The widespread layoffs in the cryptocurrency industry were influenced by the extended crypto winter and various crypto implosions, which wiped out billions from the balance sheets of many related companies.

However, the widespread layoffs were not limited to the cryptocurrency industry. In January 2023, Big Tech firms including Google, Amazon, Microsoft, and Salesforce laid off 48,000 employees.

Circle and Concord Acquisition, a special purpose acquisition company (SPAC), mutually agreed to shelf their plans to go public in December 2022. The agreement, which was initially valued at $4.5 billion when announced in July 2021, was revised in February 2022 after Circle’s valuation increased to $9 billion.

Fox-Green stated:

“Maintaining our regulatory position of compliant posture, of good relations and most importantly just doing business the right way is critical to our future success.”