Crypto Company Circle Plans to Expand Workforce by 25% Despite Cancelling IPO
According to a report by the Wall Street Journal, Circle, the issuer of the USDC stablecoin, has shared plans to increase its workforce by 25%, despite canceling its initial public offering.
In December 2022, Circle terminated its merger deal with Concord Acquisition due to missed deadlines for submitting the required documents to the Securities and Exchange Commission.
Prior to the merger deal, Circle raised around $400 million in funding, bringing its total funding to $1.1 billion. This fundraising effort has strengthened Circle’s financial position amidst the ongoing liquidity crunch in the industry.
Circle’s finance chief, Jeremy Fox-Green, confirmed that the company will use the available funds to invest in growth and its workforce. He stated that Circle is looking to hire an additional 225 workers, a 25% increase from its current team of 900 members.
Despite canceling its public offering, Circle still plans to go public in the future and is waiting for better market conditions to attract public investors while remaining compliant with US regulators.
Circle is also expanding its business operations beyond stablecoin issuance to settling trades in other asset classes, such as equities.