Circle plans to increase workforce by 25% in 2023 News ▸ US ▸ Stablecoins
Circle plans to increase workforce by 25% in 2023
Circle finance chief Jeremy Fox-Geen said the firm expects to employ up to 225 workers to join its 900-member workforce.
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Updated: Feb. 23, 2023 at 8:58 am UTC
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USDC stablecoin issuer Circle has disclosed plans to increase its workforce by up to 25% despite canceling its deal to go public, Wall Street Journals (WSJ) reports.
At the end of December 2022, Circle called off its merger deal with Concord Acquisition because it missed its deadline to submit the required files to the Securities and Exchange Commission.
In events leading up to the merger deal, Circle reportedly raised about $400 million to bring its total funding to $1.1 billion. The fundraising efforts increase Circle’s financial position despite the widespread industry liquidity crunch.
Circle finance chief Jeremy Fox-Geen confirmed to WSJ that the firm would utilize the available funds to focus on growth and investing in its workforce.
He said that Circle is looking to increase its workforce by up to 25% — bringing in an additional 225 workers to its 900-member team.
“We are growing and investing and we are fortunate to be in a financial position to be able to sustain our investments,” Fox-Green said.
Circle is working to expand its business operations beyond stablecoin issuance to settling trades in other asset classes like equities.
Fox-Geen said that Circle still intends to go public in the near future. The firm is waiting for better market conditions to attract public investors while working to remain compliant with U.S. regulators.
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Posted In: US, Stablecoins
Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
