Despite the harsh crypto winter that has shrunk the workforce of many crypto firms, the stablecoin issuer wants to buck the trend.
According to a Wall Street Journal report, Circle may hire about 135 to 225 staff, a 15-25% addition to its 900 employees. The firm’s chief financial officer (CFO), Jeremy Fox-Geen, said it wants to increase its workers by 25% in 2023.
Circle Pushes Hard Against The Tide
Surprisingly, this 25% increase sits below half the company’s expansion in 2022 which doubled from the year before. Fox-Geen expressed optimism about Circle’s growth, adding that their financial standing could sustain this increase.
However, this development occurs as the USDC issuer struggles to go public. The report revealed that the recent collapses –such as the Terra (Luna) and FTX crash– which plagued the crypto industry had worsened the situation. These incidents have made it more difficult for the company to find an ideal time.
The CFO also stated that complying with regulatory bodies was Circle’s top priority, adding that they have always endeavoured to do so.
Meanwhile, despite the crypto winter, Circle is not the only crypto firm growing its workforce. In January, crypto exchange giant Binance announced recruiting about 700 new employees.
Does this development indicate that the bull market is around the corner? Please let us know what you think in the comment section below.
