• About Us
  • Advertise
  • Privacy & Policy
  • Contact Us
logo
  • Home
  • Business
  • Finance
  • Crypto
  • Metaverse
  • Games
  • Cybersecurity
  • Monitors
  • Headphones
  • Cameras
  • Cars
  • Laptops
  • Mobile
  • Tesla
  • TV
  • YouTube
  • Film
  • Sports
  • AI
  • Space
  • Nasa
  • Apple
  • Best Deals
  • Cool Gadgets
No Result
View All Result
  • Home
  • Business
  • Finance
  • Crypto
  • Metaverse
  • Games
  • Cybersecurity
  • Monitors
  • Headphones
  • Cameras
  • Cars
  • Laptops
  • Mobile
  • Tesla
  • TV
  • YouTube
  • Film
  • Sports
  • AI
  • Space
  • Nasa
  • Apple
  • Best Deals
  • Cool Gadgets
No Result
View All Result
logo
No Result
View All Result
Home Crypto

Circle to Increase Staff by Up to 25% Amid Layoff Season

Circle Goes Against the Tide to Hire More Staff

Sergio Richi by Sergio Richi
1 month ago
in Crypto
0
Circle Goes Against the Tide to Hire More Staff

Circle Goes Against the Tide to Hire More Staff (Image credit: logll.com)

0
SHARES
34
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

RelatedPosts

Bitcoin at $1M: Implications for US Dollar & Future of Finance

Bitcoin’s Million-Dollar Prediction: Implications for the US Dollar and the Future of Finance

7 days ago
14
OKX to Cease Operations in Canada by June 22, 2023

OKX to Cease Operations in Canada by June 22, 2023

1 week ago
17

USDC issuer Circle has announced its plan to increase its workforce by 15–25% in 2023 amid a sea of layoffs across the cryptocurrency industry.

Amazon banner

Industry-Wide Layoffs in the Cryptocurrency Sector

This decision comes as a surprise, given that many other firms in the industry are laying off staff to mitigate their financial difficulties.

According to The Wall Street Journal, the cryptocurrency industry has seen a significant number of layoffs in 2023, with 41% of all layoffs coming from this sector. Major cryptocurrency firms that have made significant employee cuts include Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis, and Wyre.

staff reduction

One of the reasons behind the layoffs in the cryptocurrency industry was the prolonged crypto winter and several crypto implosions that wiped out billions from the balance sheets of numerous associated companies. However, these large-scale layoffs were not isolated incidents. In January 2023, just four companies, Google, Amazon, Microsoft, and Salesforce, let go of around 48,000 people.

Circle’s Decision to Expand Workforce and Delay Public Debut

The decision to increase its workforce comes just months after Circle mutually terminated its plans to go public with the special purpose acquisition company (SPAC), Concord Acquisition. The deal was announced in July 2021 with a preliminary valuation of $4.5 billion, which was later amended in February 2022 when Circle’s valuation ballooned to $9 billion. However, Circle’s chief financial officer, Jeremy Fox-Geen, stated that they still intend to go public but are waiting for better market conditions.

Jeremy Fox-Geen

Fox-Geen also added that the crypto industry needs more distance from the Terra and FTX implosions for public-market investors to re-evaluate the future of digital-asset businesses. By the end of 2022, the stablecoin issuer had roughly 900 employees, with plans to increase the headcount by 135–225 in 2023. However, staff numbers are growing slower than they did in 2022, when the headcount more than doubled from 2021.

USDT vs USDC

Circle-issued USDC is currently the second-largest stablecoin behind Tether’s USDT, with a market cap of $42 billion.

⭐️⭐️⭐️⭐️⭐️ 2023 Gaming Laptop

ASUS ROG Strix G16 (2023) Gaming Laptop, 16” 16:10 FHD 165Hz, GeForce RTX 4070, Intel Core i9-13980HX, 16GB DDR5, 1TB PCIe SSD, Wi-Fi 6E, Windows 11, G614JI-AS94

ASUS ROG Strix G16 (2023) Gaming Laptop, 16” 16:10 FHD 165Hz, GeForce RTX 4070, Intel Core i9-13980HX, 16GB DDR5, 1TB PCIe SSD, Wi-Fi 6E, Windows 11, G614JI-AS94

$1,999.99
View on Amazon
Amazon.com
as of March 24, 2023 7:16 pm
MSI 2023 Newest GF76 17.3" 144Hz FHD Gaming Laptop, Intel Core i7-12700H(> R9 6900HX), NVIDIA GeForce RTX 3060, 64GB RAM, 2TB NVMe SSD, WiFi 6, Webcam, Backlit KB, HDMI, RJ45, +CUE Accessories

MSI 2023 Newest GF76 17.3" 144Hz FHD Gaming Laptop, Intel Core i7-12700H(> R9 6900HX), NVIDIA GeForce RTX 3060, 64GB RAM, 2TB NVMe SSD, WiFi 6, Webcam, Backlit KB, HDMI, RJ45, +CUE Accessories

$1,729.00
View on Amazon
Amazon.com
as of March 24, 2023 7:16 pm
ASUS 2023 TUF F17 17.3" 144Hz FHD Gaming Laptop, Intel Core i7-12700H(> R9 6900HX), NVIDIA GeForce RTX 3050 Ti, 32GB DDR5 RAM, 1TB PCIe SSD, WiFi 6, RGB Keyboard, RJ 45, HDMI, Win 11, GM Accessories

ASUS 2023 TUF F17 17.3" 144Hz FHD Gaming Laptop, Intel Core i7-12700H(> R9 6900HX), NVIDIA GeForce RTX 3050 Ti, 32GB DDR5 RAM, 1TB PCIe SSD, WiFi 6, RGB Keyboard, RJ 45, HDMI, Win 11, GM Accessories

$1,529.00
View on Amazon
Amazon.com
as of March 24, 2023 7:16 pm

Recommended reading: Hardware Wallet

best hardware wallets for bitcoin, like trezor, ledger and safepal
Best Hardware Wallet Bitcoin
(Image credit: logll.com)

Conclusion

In conclusion, Circle’s decision to expand its workforce during a time when many other firms in the cryptocurrency industry are laying off staff is a bold move. However, with USDC being the second-largest stablecoin, it may be a strategic decision to increase staff to maintain its market position. We will have to wait and see how this decision plays out in the long run.

Join Our Newsletter

Subscribe to receive our latest updates in your inbox!

Button Google News

Frequently Asked Questions

FAQ:

  • What is Circle?

    Circle is a financial technology company that provides services related to digital currencies and blockchain technology. It is the issuer of USDC, the second-largest stablecoin in the world.

  • Why is Circle increasing its workforce?

    Circle is increasing its workforce by 15-25% in 2023 to maintain its market position and expand its services. This decision comes despite the cryptocurrency industry seeing a significant number of layoffs in 2023.

  • What is USDC?

    USDC is a stablecoin issued by Circle that is pegged to the US dollar. It is designed to provide stability and liquidity to the cryptocurrency market.

  • What was Circle's plan to go public?

    Circle had planned to go public via a SPAC merger with Concord Acquisition in 2022. However, the deal was mutually terminated, and Circle is now waiting for better market conditions before revisiting its plans to go public.

  • What is the market cap of USDC?

    USDC has a market cap of $42 billion, making it the second-largest stablecoin in the world behind Tether's USDT.

Previous Post

Canadian Regulators Say No to Algorithmic Stablecoins

Next Post

Cryptoverse: Bitcoin Moves Towards Satoshi’s Payment Dream

Sergio Richi

Sergio Richi

Sergio Richi is the founder and proprietor of Logll.com. He specializes in writing about Cyber Security issues and topics related to this field. His work focuses on providing readers with comprehensive knowledge about the latest developments in the world of technology. He authors content on Business, Cars, Cool Gadgets, Laptops Reviews, Finances and Cryptocurrencies, as well as exploring developments in Information Security.

Related Posts

Bitcoin at $1M: Implications for US Dollar & Future of Finance
Crypto

Bitcoin’s Million-Dollar Prediction: Implications for the US Dollar and the Future of Finance

7 days ago
14
OKX to Cease Operations in Canada by June 22, 2023
Crypto

OKX to Cease Operations in Canada by June 22, 2023

1 week ago
17
Banking Crisis & Decentralization: Future of Finance
Crypto

Navigating the Banking Crisis: The Rise of Decentralized Platforms and Cryptocurrencies

1 week ago
10
Bitcoin Million Dollar Bet
Crypto

The Million-Dollar Bet on Bitcoin’s Future: Risks, Rewards, and Alternative Strategies

1 week ago
11
2023 bitcoin bet
Crypto

Balaji Srinivasan’s Million-Dollar Bitcoin Bet: Hyperbitcoinization and the Hidden Truth About American Banks

1 week ago
16
Astar Network - Japan's leading blockchain infrastructure connecting Polkadot, Ethereum, and Cosmos
Crypto

Astar Network: Japan’s Leading Blockchain Infrastructure Connecting Polkadot, Ethereum, and Cosmos

2 weeks ago
25
Next Post
Cryptoverse - Bitcoin Moves Towards Satoshi's Payment Dream

Cryptoverse: Bitcoin Moves Towards Satoshi's Payment Dream

Stay Connected

  • YouTube
  • Tiktok
  • Facebook
  • Twitter
  • Pinterest
  • Trending
  • Comments
  • Latest
Baseus Launches GaN 5 Pro Fast Charger

Baseus Launches GaN 5 Pro Fast Charger for Laptops, Tablets, Smartphones

December 29, 2022
How Often Should You Vacuum Your Car

How Often Should You Vacuum Your Car?

October 7, 2022
Dell has unveiled its new UltraSharp 32 6K monitor (U3224KB) at CES 2023

Dell has unveiled its new UltraSharp 32 6K monitor (U3224KB) at CES 2023, which boasts a 32 inch display and a 6K resolution

January 6, 2023
Star Wars Jedi: Survivor Resurrects Klaud from Rise of Skywalker

Star Wars Jedi: Survivor Revives Klaud from Rise of Skywalker

March 22, 2023
London Thrives: Wetherspoon Earnings Rise, Business Scene Sizzles

London’s Business Scene Sizzles with Exciting Developments

March 24, 2023
LG Energy Solution's $5.5B Investment in US Battery Plants

LG Energy Solution Invests $5.5 Billion in US Battery Plants for Clean Energy Revolution

March 24, 2023
Star Wars Jedi: Survivor Resurrects Klaud from Rise of Skywalker

Star Wars Jedi: Survivor Revives Klaud from Rise of Skywalker

March 22, 2023
FED's Dilemma: Balancing Inflation and Economic Growth Amid Bankruptcies

The Federal Reserve’s Balancing Act: Inflation, Economic Growth, and Bankruptcies

March 21, 2023

Latest News

London Thrives: Wetherspoon Earnings Rise, Business Scene Sizzles

London’s Business Scene Sizzles with Exciting Developments

4 days ago
10
LG Energy Solution's $5.5B Investment in US Battery Plants

LG Energy Solution Invests $5.5 Billion in US Battery Plants for Clean Energy Revolution

4 days ago
16
Star Wars Jedi: Survivor Resurrects Klaud from Rise of Skywalker

Star Wars Jedi: Survivor Revives Klaud from Rise of Skywalker

5 days ago
22
FED's Dilemma: Balancing Inflation and Economic Growth Amid Bankruptcies

The Federal Reserve’s Balancing Act: Inflation, Economic Growth, and Bankruptcies

6 days ago
19
Bitcoin at $1M: Implications for US Dollar & Future of Finance

Bitcoin’s Million-Dollar Prediction: Implications for the US Dollar and the Future of Finance

7 days ago
14
Footer Logo

Follow Us

Browse by Category

  • AI
  • Apple
  • Best Deals
  • Business
  • Cameras
  • Cars
  • Cool Gadgets
  • Crypto
  • Cybersecurity
  • Film
  • Finance
  • Games
  • Headphones
  • Laptops
  • Metaverse
  • Mobile
  • Monitors
  • Nasa
  • Space
  • Sports
  • Tesla
  • TV
  • YouTube

Latest News

London Thrives: Wetherspoon Earnings Rise, Business Scene Sizzles

London’s Business Scene Sizzles with Exciting Developments

March 24, 2023
LG Energy Solution's $5.5B Investment in US Battery Plants

LG Energy Solution Invests $5.5 Billion in US Battery Plants for Clean Energy Revolution

March 24, 2023
  • About Us
  • Contact Us
  • Home
  • Privacy Policy

© 2022-2023 Logll Tech News — All Rights Reserved.

No Result
View All Result
  • Home
  • Business
  • Finance
  • Crypto
  • Metaverse
  • Games
  • Cybersecurity
  • Monitors
  • Headphones
  • Cameras
  • Cars
  • Laptops
  • Mobile
  • YouTube
  • Tesla
  • TV
  • AI
  • Film
  • Sports
  • Space
  • Nasa
  • Apple
  • Best Deals
  • Cool Gadgets

© 2022-2023 Logll Tech News — All Rights Reserved.