Goldman Sachs-Backed Firm, Circle, Suspends Operations Of Its Research Wing
Following the operations suspension of Circle’s payment system, the Gemini backed company plans to suspend its research operations.
Goldman-backed, Circle announced it will be stopping its Circle Research operations on Sept 24. In the official published blog on their website thanks the customers’ support during the period the research team was in operation.
Circle Research Takes a Pause
According to the report, Circle decided to pause the research project despite showing progress since its launch. The Circle Team further explains,
“While we’ve made significant progress with our content offerings, it’s time to evaluate our contribution and overall strategy. With that in mind, we’ve decided to pause Circle Research activity for the time being as we decide on a future direction for the program.”
The Circle team is getting smaller too. Earlier in the year Circle announced its plans to stop operations of their digital assets payment system, Circle Pay, on September 30. While the company assures its investors it is stable, things are not looking good for the Gemini backed firm.
Circle Research Restructure
Circle Research offered its users’ business to business market research, consulting, data collection and analysis providing solutions for companies to “make better calls”. Despite the parent company suspending operations on Circle Research, its recent plans to raise $100 million USD through the Seed Invest platform may well provide capital for developing key areas of the company.
The regulatory environment in the U.S offers no help to the bleeding company, which saw the company move operations to Bermuda in July.