• Circle, a stablecoin issuer, ended 2022 with approximately 900 employees and plans to add 135-225 new personnel this year.
• The hiring drive is in contrast to many other companies in the industry who are implementing staff reductions due to crypto winter and crypto failures.
• Circle secured $400 million from Fidelity Investments and BlackRock Inc last year, bringing their total capital to $1.1 billion.
Stablecoin Issuer Circle To Hire More Staff
Circle, a Boston-based stablecoin issuer that operates USD Coin (USDC), has announced plans to increase its workforce by 25%, adding 135-225 new personnel this year. This move comes at a time when many other companies in the industry are reducing staff numbers due to crypto winter and crypto failures.
Layoffs In The Crypto Industry
Crypto industry layoffs have not been unique in their scope or scale, as there were 48,000 employee layoffs across four major companies (Google, Amazon, Microsoft & Salesforce) just in January 2021. Other economic pressures have also led Circle to abandon public listing plans with Concord Acquisition mutually; however Chief Financial Officer Jeremy Fox-Green says the company still intends to pursue public listing when more “favorable market conditions” arise.
Circle’s Capital Increase
In 2022, Circle secured $400 million from asset managers Fidelity Investments and BlackRock Inc., increasing their total capital up to $1.1 billion. This investment provides additional security for the company during uncertain times where many other firms choose layoffs over hiring new personnel as part of cost-cutting measures.
Circle’s Steady Composure
Despite various economic pressures, it is refreshing to see a company maintain steady composure by choosing not to terminate employees but rather hire more people instead – further demonstrating their commitment towards continued growth within the digital asset sector of the economy.
Circle’s decision not only demonstrates their commitment towards growth but also sets an example for other firms operating within this space on how they should approach financial management during tough times like these – emphasizing on hiring more personnel over reducing staff numbers as part of cost-cutting measures.