Crypto Market Becomes Too Tough for Circle, As Startup Lays Off Approximately 10% Of Staff

Quick Facts:

  • Circle has terminated 30 staff members because of crypto market.
  • Despite layoffs, CEO Jeremy Allaire says that the company is still “strong and healthy.”

The cryptocurrency world had a bad 2018, though this year has brought much more progress. Unfortunately, there are still companies that have not been able to get afloat, like Circle. Circle, a crypto startup, recently announced the layoffs of about 30 people, which accounts for about 10% of the people that were on staff at the time.

The owner of the Poloniex trading platform, as well as of SeedInvest and the USDC stablecoin with Coinbase, has found that they need to cut costs to maintain their current activities, as CEO Jeremy Allaire told CoinDesk. The comments were made to the publication via spokesperson.

Continuing, Allaire stated that the changes were implemented because of the “new market conditions,” referring to the restrictions that are slowly being imposed by the regulators in the United States. He assured the public that the company is “strong and healthy,” and that they are committed to improving growth as they bring new products to market. Still, in a blog post on Monday, Allaire wrote about the uncertainty in regulations in the country, which has caused Circle to implement restrictions on the assets that US customers can access through their trading platform.

Most of the cuts to the Circle staff impacted individuals at the headquarters in Boston, according to a source that spoke with CoinDesk. The New York office primarily saw cuts in the finance and product divisions, though there were unfilled positions removed as well.

Just last month, equity crowdfunding site SeedInvest was approved for a securities trading license by the Financial Industry Regulatory Authority (FINRA). Last month, Allaire spoke at a debate with Christine Lagarde of the International Monetary Fund, speaking in favor of cryptocurrency.

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