© Reuters. The Circle logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – Circle said on Wednesday it had cut staff and ended investments in non-core businesses as the stablecoin issuer seeks to shore up its balance sheet.
The company joins a list of cryptocurrency companies that have announced layoffs this year, as rising interest rates and falling cryptocurrency prices dented investor confidence in the sector.
Coinbase (NASDAQ: Global, Chainalysis, and Gemini) announced plans to lay off workers earlier in the year after eliminating more than $1 trillion from the sector in 2022.
“Circle is redoubling its focus on core business activities and execution,” the company said in an email to Reuters, adding that it continues hiring in “key areas of focus.”
Cryptocurrency news portal CoinDesk reported on developments in Circle earlier today.
