Crypto Startup, Circle Lays off 30 Employees out of the need to.

Circle is a cryptocurrency startup founded in 2013 that offers services of payment, investment, and Trading. It owns the equity crowdfunding site SeedInvest, trading platform Poloniex, and the USDC stablecoin in partnership with Coinbase. Circle is headquartered in Boston and backed by top power establishments like Goldman Sachs, Bitmain, Baidu, and IDG Capital among others. They are actually looking to cut costs as expressly stated by a proxy for Jeremy Allaire Circle, CEO. The Crypto startup has retrenched about 30 people this is 10 percent of its staff to this effect.

“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.,” the spokesperson said in an interview.

Allaire wrote a blog post on May 22nd that contains details of how Circle had to geofence some assets due to regulatory uncertainty forced on Poloniex from U.S. customers. Apparently, the staff layoffs affect the company’s Boston headquarters via a direct source with knowledge of the situation. The cuts made were reportedly spread across the finance and product departments at the company’s New York office. Also, some unfilled positions were cut.

Circle’s SeedInvest, a sub-investment site of Circle, received a securities trading license from the Financial Industry Regulatory Authority (FINRA) just last month. Circle CEO Jeremy Allaire made the case for cryptocurrency in a debate with the International Monetary Fund’s Christine Lagarde earlier in April. Recently in May, the CEO reportedly called for the need of crypto regulation saying “We urge lawmakers to recognize the unparalleled economic power that permissionless innovation has unleashed and to act to let crypto and blockchain technologies flourish. We know lawmakers want to support economic growth and want them to seize the opportunity to lead the charge.”

The CEO announced the staff retrenchment via his Twitter account on Tuesday evening and showed deep concern to those affected. “Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees. We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.” He added, “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. We deeply respect the colleagues who are leaving Circle today, and we’re grateful for the contributions they’ve made to build the company and the crypto industry as a whole. ”

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Credits- Zack Seward, Ian Allison, Brady Dale.

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