Notwithstanding the fact that the cryptocurrency sector is laying off people, USDC issuer Circle, which had over 900 employees as of the end of last year, aims to boost employment from 15% to 25% by 2023.
Chief Financial Officer Jeremy Fox-Geen has stated that Circle plans to boost its employment by 25% this year.
The Boston-based crypto company that was an issuer of the previous USD Coin stablecoin (USDC) had roughly 900 employees at the end of last year and by 2023. They should increase from 15% to 25%. 25%, or an additional 135 to 225 workers. That is a slower pace of growth than in 2022, when the population per capita will nearly double from 2021.
The Circle continues to hire even though many cryptocurrency businesses are terminating workers. After two Terra-LUNA shocks in May, several people filed for bankruptcy amid a challenging period for the cryptocurrency industry. Things only got worse when Sam Bankman-FTX Fried's crypto empire quickly collapsed. The real estate investment trust Safehold Inc. announced that Mr. Fox-Geen left for Circle in 2021.
“We are growing and investing, and we are fortunate to be financially able to sustain our investments (…). We have experienced down growth prudently and are focused on what matters most.”
There is increasing regulatory scrutiny on cryptocurrency trading firms as regulatory bodies like the SEC and CFTC take significant steps towards establishing a regulatory framework for cryptocurrencies, with a particular focus on stablecoins.
In the quarter ending September 30, Circle reported a revenue and interest income of $274 million, along with a net income of $43 million. In the first quarter of the year, the company had a revenue and interest income of $19.6 million, but suffered a net loss of $138.7 million.