The USD Coin (USDC) Issuer Circle plans to increase its workforce between 15% and 25% in 2023 amid a sea of layoffs throughout the sectorreported The Wall Street Journal.
While a significant portion of companies in the industry are laying off staff to ease their financial woes, Circle has gone against the grain to hire more people.
41% of all layoffs in 2023 came from the cryptocurrency sector. Major cryptocurrency firms that have made significant staff cuts include Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis, and Wyre.
A significant factor in the downsizing of cryptocurrency companies was the prolonged crypto winter and several cryptocurrency implosions that wiped out billions from the balance sheets of numerous partner companies.. However, the large-scale layoffs in the cryptocurrency industry were not isolated. About 48,000 people were laid off from just four companies in January: Google, Amazon, Microsoft and Salesforce.
The decision to increase his workforce for Circle comes just months after canceling his public debut.. In December 2022, Circle mutually terminated its plans to go public with special purpose acquisition company (SPAC), Concord Acquisition. The deal was announced in July 2021 at a preliminary valuation of $4.5bn and was amended in February 2022, when Circle’s valuation ballooned to $9bn.
Circle’s chief financial officer, Jeremy Fox-Geen, said they still intend to go public, but are waiting for market conditions to improve.. He added that the crypto industry needs more distance from the Terra and FTX implosions for public market investors to reassess the future of digital asset companies.
As of the end of 2022, the stablecoin issuer had approximately 900 employees, with plans to increase the headcount to between 135 and 225 in 2023. However, the number of employees is growing more slowly than in 2022, when the workforce doubled compared to 2021.
USDC, issued by Circle, is currently the second largest stablecoin behind Tether (USDT), with a market capitalization of $42 billion..
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