USDC stablecoin issuer Circle has revealed plans to increase its workforce by up to 25%, despite canceling transactions to go public, The Wall Street Journals (WSJ) reports.
At the end of December 2022, Circle terminated its merger agreement with Concord Acquisition because it had passed the deadline for filing the necessary files with the Securities and Exchange Commission.
In the events leading up to the merger agreement, Circle reportedly raised about $400 million, bringing the total funding to $1.1 billion. The fundraising effort improves Circle’s financial position despite the broader industry liquidity crisis.
Circle’s chief financial officer, Jeremy Fox-Jean, said: WSJMore The company plans to use available funds to focus on growth and investment in its employees.
He said Circle is looking to grow its workforce by up to 25%, adding 225 employees to its 900-member team.
“We are growing, we are investing, and we are fortunate to be in the financial position to sustain our investments,” said Fox-Green.
Beyond issuing stablecoins, Circle is working to expand its business to settle transactions in other asset classes such as equities.
Fox-Geen said Circle still intends to go public in the near future. The company is awaiting better market conditions to attract public investors while working to remain compliant with US regulators.
A post first appeared on CryptoSlate that Circle plans to grow its workforce by 25% in 2023.
