Crypto Startup Circle Cuts 30 Employees Citing Market, Regulatory Conditions
Circle is laying off roughly 30 people, CoinDesk has learned.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/OMV2HEOICJDLDBT2MRH7VWD2XQ.jpg)
Crypto startup Circle has laid off roughly 30 people, or about 10 percent of its staff, CoinDesk has learned.
The company – which owns trading platform Poloniex, equity crowdfunding site SeedInvest and the USDC stablecoin in partnership with Coinbase – is looking to cut costs, Circle CEO Jeremy Allaire told CoinDesk via a spokesperson.
“We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States," Allaire said. "Circle remains strong and healthy, and we will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses, while we press for more balanced crypto policy in the U.S."
On Monday, Allaire wrote a blog post detailing how regulatory uncertainty forced Circle to geofence some assets on Poloniex from U.S. customers.
The cuts appear to primarily affect the company's Boston headquarters, a source with direct knowledge of the situation told CoinDesk. At the company's New York office, cuts were reportedly spread across the finance and product departments, the source said. Some unfilled positions were cut as well.
Ian Allison and Brady Dale contributed reporting.
Circle CEO Jeremy Allaire speaks at Bitcoin2014, photo via CoinDesk archives
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.