Crypto firm Circle has recently announced layoffs and a shift in focus towards core business activities. The exact number of layoffs is unknown, but Circle had approximately 900 employees as of the end of last year. This decision comes as the company aims to refocus its efforts and streamline operations.
According to a report by Coindesk, Circle stated that the layoffs were necessary in order to prioritize core business activities and improve execution. This follows Circle’s previous plans to expand its workforce by 25%, as shared by the company’s finance chief, Jeremy Fox-Geen, with The Wall Street Journal earlier this year.
“To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” said a spokesperson for the company. “As a result, we have reduced or ended investments in non-core activities and decreased operational expenses, including a slight reduction in headcount. At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus globally.”
Circle has recently made efforts to expand its business in Asia. In June, Circle Singapore obtained its Major Payment Institution (MPI) license for digital payment token services, enabling the company to offer specific financial services in the city-state.
Layoffs have become a trend among cryptocurrency firms, with Coinbase, Gemini, and Crypto.com also announcing job cuts as a strategy to reduce costs and strengthen their balance sheets. Coinbase, for example, reduced its workforce by 20% earlier this year, letting go of around 950 employees to navigate the economic downturn. Last year, Coinbase eliminated 18% of its workforce, totaling 1,100 employees. These layoffs coincide with a slight decline in the cryptocurrency market, including the prices of Bitcoin and other cryptocurrencies.
Overall, Circle’s decision to refocus on core business activities and optimize operations reflects the changing landscape of the cryptocurrency industry. By aligning its resources and priorities, Circle can position itself for long-term success and weather the challenges of the market.
Denial of responsibility! TechCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
