While Industry Layoffs Are Widespread, USDC Operator Circle Will Boost Hiring By 25%

The company behind the USDC stablecoin, Circle Internet Finance, is increasing its ambitions despite recently postponing its IPO plans.

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The CFO, Jeremy Fox-Geen, was quoted in the newspaper as saying that Circle intends to grow employment by up to 25% for the year.

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Layoffs in the Bitcoin Industry Persist

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At the end of 2022, Circle supposedly employed 900 employees. The executive said that by the end of 2023, the company expects a 15% to 25% rise, or 135 to 225 more personnel. The corporation saw a modest year-over-year increase in 2022, when the head count roughly doubled from 2021.

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The announcement follows a wave of larger layoffs in the tech sector. The largest names in technology, like Google, Amazon, and Microsoft, are actively maximizing their human resource capacities.

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The largest crypto gaming start-up in Australia, Immutable, recently declared that it will be laying off 11% of its staff.

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As part of a larger corporate restructure, Ethereum scaling platform Polygon announced this week that it is firing 100 people, or 20% of its workforce. Marketplace for non-fungible tokens (NFTs), Magic Eden, recently made a 22-employee layoff announcement. Circle also appears to desire to swim against the current.

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According to Fox-Geen, "We are expanding and making investments, and we are fortunate to be in a financial position to be able to sustain our efforts." "We have judiciously curtailed growth and are concentrating on what really counts."

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Circle Is Growth-Oriented

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The Boston-based Circle has obtained $1.1 billion in funding across 12 rounds, according to Trade Algo. Private equity provided them with $400 million in funding most recently on April 12, 2022. This round was led by industry giants BlackRock Inc. and Fidelity. According to the portal, the company has eight lead investors and 46 overall investors.

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Circle, meantime, is not happy with the U.S. When its efforts to get listed ran into difficulties, the Securities and Exchange Commission likewise went public. With a projected $9 billion initial public offering, Circle had great plans to go public (IPO). The company claims that the US banking regulator prevented such plans from happening.

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The Circle and Concord Acquisition Group boards ended the agreement for the Special Purpose Acquisition in December.

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Despite this, there is some optimism due to the recent cryptocurrency market resurgence following the prolonged crypto winter and the FTX issue. According to Trade Algo, the total market value of all cryptocurrencies has topped $1.16 trillion. It is an increase of 1.2% from the day before. At the time of publication, the cost of one bitcoin had risen to above $24,300.