Circle CFO Jeremy Fox-Green says the company is in a good position to grow its staff.
Circle, the issuer of the USD Coin (USDC) stablecoin, plans to grow its staff by up to 25%.
According to the Wall Street Journal, Circle plans to increase its workforce despite massive layoffs in Silicon Valley and numerous crypto firms around the world.
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At the end of 2022, Circle had around 900 employees. In 2023, the company plans to increase its workforce by up to 225 employees. However, the growth would still be slower than in 2022, when the company increased its staff by 50%.
When talking about plans to grow the company, Circle CFO Jeremy Fox-Green noted:
We are growing and investing and we are fortunate to be in a financial position to be able to sustain our investments. We have slowed down growth prudently and are focused on what matters most.
The decision to expand the workforce comes weeks after the company canceled a plan to go public via a SPAC merger. According to the company’s CFO, Jeremy Fox-Green, the firm still plans to go public when market conditions improve.
Circle revealed plans to go public in July 2021. At the time, it had a preliminary valuation of $4.5 billion. In February 2022, the valuation was amended to $9 billion.
So far, 2023 has not been a great year for workers in crypto-related firms. Major crypto-related firms, like Huobi, Chainalysis, Coinbase, Gemini, Wyre, and Bittrex, had laid off at least a few percent of their workforce.
The main reason for these layoffs is the prolonged crypto winter, which led to various crypto projects collapsing, wiping out billions in value. One of the most prominent examples of crypto winter hitting hard is the collapse of FTX, which caused billions of dollars worth of value to disappear.
Outside the crypto industry, major tech firms are also laying off their staff. In 2023, Microsoft, Google, Amazon, and Salesforce collectively laid off over 48,000 workers.
In other Circle-related news, the company's CEO Jeremy Allaire said he doesn't believe that "SEC is the regulator for stablecoins."
