Business is business. The bearmarket of 2022-2023 will certainly have taken its toll. No one has escaped. Numerous crypto boxes have been forced to reduce their workforceeven the most robust of them. Not to mention those that ended up sinking. Circle will not have escaped, and is laying off some of its employees. Read all about it.
One down, 10 to go, Circle cleans up!
Circle is known for being the issuer of the stablecoin USDCthe main competitor toUSDT from Tether. Of course, USDT’s capitalization is still the largest among stablecoins, with not far from 75 billion dollars. Nevertheless, the USDC is far from ridiculous at $24.5 billion. The two stablecoins currently occupy the 3th and 5thth positions in the crypto ranking on Coinmarketcap.
Despite all this good health, the Circle company has suffered a slight setback. after more than a year and a half of bear market. Investors have deserted the ranks and revenues are becoming scarcer. Crypto companies are struggling to attract capital. No one is talking about bitcoin anymore, at least on the surface. For those of us who read the news on a daily basis are well aware that things are going on behind the scenes. But that’s not the case for the majority of the general public. So, in the absence of revenue, we learn that Circle is closing ranks. At least, that’s what the excerpt from a statement which the company emailed to our Coindesk colleagues.
« In order to maintain our strong balance sheet, Circle will focus its attention on its core activities. Accordingly, we have reduced or terminated our investments in non-core activities and reduced our operating expenses, including a marginal reduction in headcount. At the same time, we have identified new areas for investment and continue to recruit in key, well-identified sectors worldwide. »
Circle’s statements at Coindesk
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Refocusing activities in anticipation of bitcoin’s bull run
These statements follow the recent intervention of Circle’s CFO, Jeremy Fox-Green. He told the Wall Street Journal that the company planned to increase its workforce by 25%. in order to expand internationally. Clearly, this plan is still on track, but requires the USDC issuer to refocus on its core activities first.
Circle continue to recruit for key, strategic positions for the future. Heath Tarbert took up the position of General Counsel and Head of Corporate Affairs at the beginning of July. He was previously head of CFTC (Commodity Futures Trading Commission). At the end of June, he was the former Chief Risk Officer at Goldman Sachs, Craig Broderickwho joined the company. Broderick, who retired after 32 years with the bank, has taken up a position on Circle’s management committee.
Many crypto companies are sweating it out at the end of the bear market. While boredom reigns over the market as a whole, it’s still necessary to hold on and draw on reserves while waiting for interest to return. Perhaps, in less than a year’s time, the arrival of Bitcoin’s halving will bring this long-awaited relief to the sector.
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