Feb 23, 2023

Circle Plans to Expand Workforce Despite Crypto Industry Layoffs

Circle, the issuer of USD Coin (USDC), plans to buck the industry-wide trend of layoffs in 2023, with the company expecting to expand its workforce by 15-25%.

Cryptocurrency companies have been hit hard by the prolonged crypto winter and the implosions of several associated firms, leading to significant job cuts. In January, four tech giants – Google, Amazon, Microsoft and Salesforce – laid off a combined 48,000 people. Similarly, the cryptocurrency industry has seen layoffs from major firms such as Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis and Wyre.

Circle’s decision to hire more people comes just months after the company canceled its public debut. In December 2022, Circle and the special purpose acquisition company (SPAC) Concord Acquisition mutually terminated their plans for an initial public offering (IPO). The deal, which was announced in July 2021 with a preliminary valuation of $4.5 billion, was amended in February 2022 when Circle’s valuation jumped to $9 billion.

Circle’s chief financial officer Jeremy Fox-Geen said the company still intends to go public but is waiting for better market conditions. He added that the crypto industry needs more time for public-market investors to re-evaluate the future of digital-assets businesses.

By the end of 2022, Circle had around 900 employees, and the company is looking to add 135-225 more to its staff in 2023. This is a slower rate of growth than in 2022, when the headcount more than doubled from 2021.

Circle-issued USDC is the second-largest stablecoin behind Tether’s (USDT), with a market cap of $42 billion.

NFTs have become a popular way to promote and monetize digital assets. As the industry matures, more companies are turning to NFT marketing agencies to help them sell their NFTs. NFT marketing agencies specialize in promoting NFTs on social media platforms such as Twitter and providing guidance on how to effectively market NFTs. They can also work with companies to create custom NFTs and develop strategies for selling them.

Web3 agencies are also becoming increasingly popular. These agencies specialize in helping companies navigate the web3 space, from developing decentralized applications (Dapps) to providing guidance on blockchain technology. They also provide advice on how to use the technology to create innovative products and services.

With the industry maturing, more companies are looking to web3 agencies and NFT marketing agencies to help them capitalize on the digital asset revolution. As Circle looks to expand its workforce in 2023, it is likely that the company will look to these agencies to help it navigate the web3 space and promote its digital assets.

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