Crypto firm Circle lays off staff and cuts investment in non-core businesses

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San Francisco: US cryptocurrency firm Circle, which manages the stablecoin USDC (USD Coin), announced that it is reducing its workforce and reducing investment in non-core business activities.

Jeremy Allaire, CEO of Circle, announced job cuts, citing the end or reduction of investment in non-essential activities, reports the Business Journal.

The extent of the job cuts is unknown, however, the company had around 900 employees at the end of last year.

Additionally, Circles spokeswoman Zara Gleasure said the company is stepping up efforts to focus on core business and execution to maintain its strong balance sheet.

We have reduced or ended investments in non-core operations and reduced operating expenses, which includes a marginal reduction in headcount, Gleasure said.

At the same time, we have identified new areas for investment and continue to hire in key areas globally, she added.

Circle joins a growing list of cryptocurrency companies that have recently cut staff to cut costs and strengthen their balance sheets, including Coinbase, Kraken, Gemini and Bybit.

In January, Coinbase laid off 20% of its workforce, or about 950 people, to cut operating expenses amid fears of an economic downturn.

The crypto company in June last year cut 18% of its workforce, or nearly 1,100 people.

This post was last modified on July 14, 2023 2:18 PM

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