Going Against the Grain
In a surprising twist within the cryptocurrency landscape, USD Coin (USDC) issuer Circle is making waves by planning to expand its workforce by 15–25% in 2023. This is quite the feat, especially when you consider that 41% of layoffs in the tech sector this year have come from crypto firms. Who knew hiring could feel like trying to swim upstream while everyone else is heading for shore?
Layoff Landscape
As companies like Polygon, Bittrex, Coinbase, and even giants like Google and Amazon are shedding jobs, Circle’s decision to proactively hire raises eyebrows. It’s like showing up to a potluck with a hefty casserole, while everyone else is bringing a sad-looking plate of leftovers. The crypto winter, exacerbated by notorious collapses such as Terra and FTX, has had firms tightening their belts. Bear markets are harsh, yet here stands Circle, ready to add to its ranks.
The Numbers Game
As of the end of 2022, Circle had approximately 900 employees and hopes to bolster its team by an additional 135–225 in the upcoming year. Just for context, that’s a growth spurt compared to 2022 when the workforce more than doubled from 2021. If only the unicorns of crypto could take notes from Circle’s hiring strategy! But they seem to have mysteriously fled the scene, potentially seeking refuge under a rainbow.
Public Plans on Standby
This hiring announcement comes on the heels of Circle’s decision to cancel its plan to go public via a special purpose acquisition company. Back in December 2022, Circle decided to part ways with the SPAC Concord Acquisition, a deal that had initially valued the company at a whopping $4.5 billion—until ego got the best of it, and the valuation ballooned to $9 billion! Guess someone inflated the numbers a little too much. Jeremy Fox-Geen, Circle’s CFO, hinted that again, patience is key, as they await more stable market conditions.
The Stablecoin Standoff
Despite these turbulent times, USDC remains the second-largest stablecoin, boasting a market cap of $42 billion, just behind Tether’s (USDT). With everyone trimming their teams like it’s an overgrown hedge, Circle is nurturing its ecosystem and preparing for better days ahead. Will they be the beacon of hope in the crypto storm, or will they trip over their own optimism? Only time will tell!
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