Circle Fires Employees Amid Crypto Winter
Boston's Circle cuts jobs to focus on core business amidst 'crypto winter'; continues hiring for key roles.
Circle Internet Financial Limited, a company based in Boston that creates stablecoins, is cutting jobs and reducing investment in non-key areas. They want to strengthen their financial position and focus more on their main business. They are still hiring for important roles worldwide, but they didn't share how many jobs were cut or which departments were affected.
Many crypto companies, like Circle, have been reducing staff because of a downturn in the crypto market, often called "crypto winter". Companies such as Crypto(.)com, Bittrex, Polygon Labs, and Kraken have also laid off workers recently.
Last month, Circle's partner in Singapore got a Major Payment Institution license from the Monetary Authority of Singapore. This license lets Circle provide digital payment and money transfer services in Singapore. Circle's CEO, Jeremy Allaire, also mentioned that he is interested in launching a stablecoin in Japan.
The global crypto industry, with more than 10,000 companies, is worth about $180 billion, says a report from K33 Research. Singapore and Hong Kong are the biggest crypto hubs in Asia, employing about 35% of the global crypto workforce.
