Circle to Increase Staff by up to 25% Amidst Crypto Layoffs

Circle looks to enter into new regions, offer NFTs, and increase its workforce by up to 25%.

A group of people sitting around a table with a Circle logo on it

Circle, the issuer of the USDC Coin (USDC) stablecoin, has announced plans to focus on the company’s expansion and will increase staff size following the cancellation of its SPAC merger with Concord Acquisition Corp.

Circle Turns to Growth and Expansion

Circle, one of the biggest names in the crypto industry, is taking a different route after the SPAC (special purpose acquisition company) deal that would have valued the company at an estimated $9 billion got canceled in December.

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The stablecoin issuer has now focused on growth initiatives that will see the company expand its services and offerings to customers. Circle’s expansion would see the company offer more than just stablecoins.

Circle to Enter the NFT Space 

In outlining the company’s path for expansion with The Wall Street Journal, Circle’s CEO, Jeremy Allaire, explains that the company will offer other digital assets, including non-fungible tokens (NFTs).

Allaire explains that “NFTs are going to be a really significant asset class, and we want to be there.” Circle is also looking to expand its services to more countries, particularly Europe and Asia.

Circle will Increase Staff Size by 25% Amidst Layoffs

Circle’s finance chief Jeremy Fox-Geen also said the company could increase its workforce by 25% in 2023 as part of the expansion plans. Circle already has over 900 employees on its payroll.

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Circle’s announcement is startling, coming in the year when 41% of all layoffs in 2023 came from the crypto industry, with the likes of Bittrex, Chaianlysis, Coinbase, Crypto.com, Gemini, Genesis, Huobi, Polygon, and Wyre all cutting staff sizes.

Still Keeping an Eye on Regulators

Circle’s failed SPAC deal was significantly derailed by the Securities and Exchange Commission (SEC). The SEC raised concerns about the accounting treatment of USDC, resulting in delays and the deal’s termination.

Despite the regulatory challenges, Allaire remains bullish about Circle’s expansion noting that the company is “in the very early stages of what is going to be a massive, multi-decade transformation of the global financial system.” 

On the Flipside

  • In the crackdown on the competing BUSD stablecoin, Circle tipped off the New York financial regulators about Paxos’ insufficient reserves.

Why You Should Care

Circle continues to display resiliency, pushing forward with expansions despite the crypto winter and regulatory challenges suffered in 2022. 

Read about the Circle warning on BUSD below:
Circle Warned New York Regulator About BUSD Stablecoin

Find out why the Circle SPAC deal failed in:
USDC Issuer Circle Says SEC Is the Reason for Failed $9B Plans to Go Public

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia