Reported by WSJ, Circle is planning to increase its workforce by up to 25% this year despite layoffs across the cryptocurrency industry and the company’s recently cancelled deal to go public.
Circle, which operates the $USDC stablecoin, had around 900 employees at the end of 2022. The company expects a growth rate of between 15% and 25% in 2023, adding an additional 135 to 225 workers.
Circle raised $400m in funding last year from a group including asset managers BlackRock Inc. and Fidelity Investments Inc, bringing its total funding to $1.1bn, and plans to make another bid to go public but not this year. The company is waiting for better market conditions and more distance from the TerraUSD crash and the implosion of crypto exchange FTX to let public-market investors re-evaluate the future of digital-assets businesses, said finance chief Jeremy Fox-Geen. Circle is investing in technology and labour to prepare for stablecoins settling trades in other asset classes and becoming a way for people to buy goods and services.
Stablecoins
