Circle to increase staff by 25% months after aborting plans to go public

  • Circle’s move comes at a time when many firms in the industry are laying off workers.
  • 41% of company layoffs in 2023 have so far come from the crypto industry.
  • It also comes months after Circle aborted plans to go public.

USDC issuer Circle is planning to increase its staff by 15% to 25% just months after it aborted plans to go public in December 2022.

Circle had planned to become a public company through a merger with special purpose acquisition company (SPAC) Concord Acquisition before the two firms mutually called off the plan. Circle’s chief financial officer Jeremy Fox-Geen, however, said that the firm still plans to go public once the market conditions are better.

Circle is increasing its workforce at a time when a good number of crypto firms have announced staff layoffs.

2023 crypto layoffs

Polygon Labs is the latest cryptocurrency firm to announce layoffs.

In a period of almost two months, about nine crypto firms including crypto exchanges have announced layoffs. Some of the companies that have announced layoffs include Coinbase, Huobi, Chainalysis, Gemini, Wyre,, Bittrex, and Genesis.

While the crypto industry is not the only one suffering from staff layoff, it accounts for about 41% of all layoffs in 2023 so far.

Other non-crypto firms that have announced layoffs this year include Google, Microsoft, Salesforce, and Amazon. The four companies have laid off about 48,000 people in 2023.

Circle, therefore, seems to be going against the tide.

All Dutch and English crypto news!

FTX EU launches withdrawal website to pay back European users

The European arm of FTX, FTX EU has launched a website to allow European customers to submit withdrawal requests. It comes nearly five months after the...

Russia talks up prospects of BRICS countries developing new currency

A new world order could be emerging as economic powerhouses increase their efforts to distance themselves from US dollar hegemony. According to reports, a top Russian...

Australian ‘Big Four’ bank ANZ halts cash withdrawals from many branches

ANZ, one of Australia's "Big Four" banks, will cease facilitating withdrawals and deposits from a number of its Australian branches as it looks to push...

‘Biased, deceptive’: Center for AI accuses ChatGPT creator of violating trade laws

The Center for Artificial Intelligence and Digital Policy (CAIDP) has filed a complaint with the United States Federal Trade Commission (FTC) in an attempt to...

Beste exchanges

Koop je crypto bij Bitvavo