Against the backdrop of widespread layoffs in the crypto industry, Circle Internet Financial Ltd. plans to raise headcount by 15-25% by the end of the year. The Wall Street Journal.
The Boston-based company currently employs about 900 people.
The operator of the second-largest by market capitalization stablecoin USDC plans to hire an additional 135 to 225 employees. In 2022, headcount roughly doubled versus 2021.
“We are growing and investing. We are fortunate that our financial position allows this. We slowed growth cautiously and focused on what matters most,” said Circle’s chief financial officer Jeremy Fox-Jean.
In July 2021 firm announced that it would become a public company via a reverse merger with Concord Acquisition Corp. It was reported that its shares would be listed on the New York Stock Exchange under the ticker CRCL. However, at the end of 2022 Circle terminated the deal with SPAC.
Fox-Jean emphasised that the firm still does not abandon plans to go public, expecting market conditions to improve after the Terra crash and FTX.
The market value of USDC is equivalent to $42.16 billion. Over the last seven days the metric rose by about $700 million (+1.69%). Most of the coins are issued on Ethereum.
Riad Carey noted that many choose USDC over USDT from Tether because Circle’s stablecoins are cheaper and easier to issue and redeem for financial institutions and individual traders.
Earlier the company released a report on the state of the economy and prospects for the development of the second-largest ‘stablecoin’.