•Circle, a USDC stablecoin issuer, plans to increase its workforce by 25%, bringing in an additional 225 workers to its 900-member team.
•The firm is looking to raise funds in order to focus on growth and investing in its workforce.
•Circle intends to go public when market conditions improve and the firm can remain compliant with U.S. regulators.
Circle Plans for Growth
Circle finance chief Jeremy Fox-Geen announced that the firm expects to employ up to 225 workers, increasing its currently 900-member workforce by 25%. The company is raising funds in order to focus on growth and investing in its workforce despite canceling their merger deal at the end of December 2022 with Concord Acquisition due missing their deadline with the Securities and Exchange Commission (SEC).
With fundraising efforts, Circle was able to raise about $400 million which brings their total funding up to $1.1 billion. This increased financial position should help sustain investments despite liquidity crunch within the industry.
Expanding Business Operations
In addition to issuing stablecoins, Circle is working towards settling trades in other asset classes such as equities. Fox-Geen also confirmed that they are still planning on going public but need better market conditions before doing so while staying compliant with U.S regulations.
Impact of Delayed Merger Deal
Although Circle has canceled their merger deal earlier than intended, this doesn’t seem to set back their plans for expansion or going public as they have been able to raise sufficient capital through fundraising efforts instead .
Despite initially having intentions of merging with Concord Acquisition, Circle will still be able move forward with increasing its workforce and expanding operations into settling trades for other assets classes all while aiming for a successful IPO when market conditions improve and they are able maintain compliance with U.S regulators