USD Coin (USDC) issuer Circle announced its plans to grow its workforce by 15% to 25%, nearly two months after dismissing efforts to go public.
With this move, the company will add 135 to 225 new employees to its workforce.
- The Boston-based company closed last year with around 900 workers.
- The company’s headcount nearly doubled in 2022.
- Circle was planning to be a publicly traded company through a merger with the special purpose acquisition company (SPAC) Concord Acquisition.
- In December 2022, the two firms dismissed the plan by common consent.
- Circle still plans to go public once the market conditions are better.
- Circle secured $400M in a fundraising round last year, increasing its total funding to $1.1B.
- The company had $44.69B reserve in USDC assets as of Dec. 31.
- The decision to increase staff came at a time when lots of crypto companies, including Coinbase, Crypto.com, Huobi, Kraken, and Gemini, had to announce mass layoffs due to the crypto winter that heightened in 2022, mainly with the impact of Terra and FTX's collapse.
- The crypto industry accounts for 41% of all layoffs in 2023 so far.
