Crypto Firm Circle implements layoffs, puts emphasis on core activities

The repercussions of the events in 2022 persistently loom over the digital asset industry. Despite many coins experiencing positive performance since the beginning of the year, crypto firms are still grappling with the challenge of meeting operational expenses. As a consequence, layoffs continue to be a prevalent outcome.

In recent months, several prominent names in the crypto industry have undergone workforce reductions. Companies such as Blockchain.com, Coinbase, Genesis, Huobi, and SuperRare are just a few examples of well-known firms that have made staff cuts in 2023.

This trend shows no signs of abating, indicating an ongoing period of adjustment for the industry.

In an effort to strengthen its balance sheet, now Circle announced that it has downsized its workforce and ceased investments in non-core activities.

As investor confidence in the cryptocurrency sector wavers due to sliding crypto prices and a high-interest-rate environment, Circle joins the ranks of cryptocurrency firms that have announced layoffs this year.

Following the significant loss of over a trillion dollars from the sector in 2022, Coinbase Global, Chainalysis, and Gemini had all previously unveiled their layoff plans earlier this year.

In an email to Reuters, Circle stated that it is intensifying its concentration on core business activities and execution. The company also mentioned that it remains engaged in recruiting for "key areas of focus."