{"id":583020,"date":"2023-07-13T01:26:35","date_gmt":"2023-07-13T00:26:35","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=583020"},"modified":"2023-07-13T01:26:45","modified_gmt":"2023-07-13T00:26:45","slug":"circle-layoffs-focus-on-core-activities","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/circle-layoffs-focus-on-core-activities\/","title":{"rendered":"USDC Issuer Circle Announces Layoffs; Will Shift Focus On Core Activities"},"content":{"rendered":"\n<ul><li>Circle has decided to lay off some of its employees to improve its financial health.&nbsp;<\/li><li>The stablecoin giant plans to focus on core activities and hire for related roles globally.&nbsp;<\/li><li>The reduction in the workforce came months after the company revealed its intention to increase the workforce by 25%.&nbsp;<\/li><li>The USDC issuer joined the likes of Coinbase and Gemini, who laid off employees earlier this year.&nbsp;<\/li><\/ul>\n\n\n\n<p>Circle Internet Financial, the crypto giant behind the second-largest stablecoin in the world, has announced layoffs. The USDC issuer reduced its workforce and pulled investments from non-core activities in a bid to strengthen its balance. The layoffs came just five months after the firm stated that it would increase its workforce by 25% amid a reduction of workforce at fellow crypto firms.&nbsp;<\/p>\n\n\n\n<h2><strong>Circle Will Continue To Hire Globally In Key Areas Of Focus\u00a0<\/strong><\/h2>\n\n\n\n<p>According to a report by <a href=\"https:\/\/www.reuters.com\/technology\/crypto-firm-circle-cut-workforce-focus-core-activities-2023-07-12\/\" rel=\"nofollow noopener\">Reuters<\/a>, Circle\u2019s decision to cut its workforce was part of a broader shift in priorities. The USDC issuer stated that it would focus on core business activities and execution. Layoffs were announced in order to reduce operational headcount and help maintain a strong balance sheet. However, the stablecoin giant stated that it had identified new areas for investment and would continue to hire in key areas of focus globally.\u00a0<\/p>\n\n\n\n<p>With the decision to cut the workforce, <a href=\"https:\/\/en.ethereumworldnews.com\/fdic-circle-sequoia-svb-top-depositors\/\">Circle<\/a> joined fellow crypto firms like Coinbase, Gemini, and Chainalysis, who announced layoffs earlier this year due to a high-interest rate environment and the prolonged crypto winter. Interestingly, Circle\u2019s Chief Financial Officer Jeremy Fox-Green revealed earlier this year that the company was looking to hire more than 200 workers in 2023.\u00a0<\/p>\n\n\n\n<p>\u201cWe are growing and investing and we are fortunate to be in a financial position to be able to sustain our investments,\u201d Fox-Green told the <a href=\"https:\/\/www.wsj.com\/articles\/crypto-company-circle-focuses-on-growth-after-canceled-spac-merger-e446f779\" rel=\"noopener\">WSJ<\/a> at the time. The decision to increase the workforce by 25% represented a lower growth rate as compared to 2022 when the firm doubled its headcount from the previous year.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>USDC issuer Circle Internet Financial has announced a reduction in its focus in an effort to strengthen its balance sheet. <\/p>\n","protected":false},"author":62,"featured_media":583022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,2],"tags":[7114,108272,108187,108167],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583020"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=583020"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583020\/revisions"}],"predecessor-version":[{"id":583023,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583020\/revisions\/583023"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/583022"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=583020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=583020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=583020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}