USDC issuer Circle to increase staff by up to 25% amid layoff season


USD Coin (USDC) issuer Circle plans to increase its workforce by 15–25% in 2023 amid a sea of layoffs across the industry, reported The Wall Street Journal.

When a significant chunk of industry-wide firms is laying off staff to mitigate their financial woes, Circle has gone against the tide to hire more people.  

How To Get Free Crypto  

41% of all layoffs in 2023 came from the cryptocurrency industry. Major cryptocurrency firms that made significant employee cuts include Polygon, Chainalysis, Bittrex, Huobi,, Coinbase, Gemini, Genesis and Wyre.

A significant factor behind crypto companies reducing workforces was the prolonged crypto winter and several crypto implosions that wiped out billions from the balance sheets of numerous associated companies. However, the large-scale crypto industry layoffs were not in isolation. Around 48,000 people were let go from just four companies in January: Google, Amazon, Microsoft and Salesforce.

The decision to increase its workforce for Circle comes just months after canceling its public debut. In December 2022, Circle mutually terminated its plans to go public with the special purpose acquisition company (SPAC), Concord Acquisition. The deal was announced in July 2021 with a preliminary valuation of $4.5 billion and was then amended in February 2022 when Circle’s valuation ballooned to $9 billion.

Circle’s chief financial officer Jeremy Fox-Geen said they still intend to go public but are waiting for better market conditions. He added that the crypto industry needs more distance from the Terra and FTX implosions for public-market investors to re-evaluate the future of digital-assets businesses.

Coinbase Banner  

Related: Crypto firms cut nearly 3,000 jobs in January despite Bitcoin’s rise

By the end of 2022, the stablecoin issuer had roughly 900 employees, with plans to increase the headcount by 135–225 in 2023. However, staff numbers are growing slower than they did in 2022, when the headcount more than doubled from 2021.

Circle-issued USDC is currently the second-largest stablecoin behind Tether’s (USDT), with a market cap of $42 billion.

Go to Source
Author: Prashant Jha

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.