According to a report by news agency Coindesk, a news site that reports about bitcoin and digital currencies, the company said that the layoffs were necessary to “redouble its focus on core business activities and execution.” The layoffs at the firm came after Jeremy Fox-Geen, Circle’s finance chief, told The Wall Street Journal earlier this year that the stablecoin issuer was planning on expanding its workforce by 25%.
“To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” a spokesperson for Circle told CoinDesk in an email. “As a result, we have reduced or ended investments in non-core activities and reduced operational expenses which includes a marginal reduction in headcount. At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis.”
The crypto firm recently doubled down its business in Asia. In June, Circle Singapore received its Major Payment Institution (MPI) license for digital payment token services, which allows it to offer certain financial services in the city-state.
Layoffs in other crypto companies
Circle is not the only cryptocurrency firm that has announced layoffs in recent months. Coinbase, Gemini, and Crypto.com have all cut jobs in an effort to reduce costs and shore up their balance sheets. Earlier this year, Coinbase reduced its workforce by 20%, laying off around 950 people in order to reduce operating expenses amid the economic downturn. Last year, the company eliminated 18% of its workforce, 1,100 employees. The layoffs come as the cryptocurrency market has been in a downturn, with the price of Bitcoin and other cryptocurrencies falling marginally.
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