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San Francisco, July 14: US-based cryptocurrency company Circle which manages stablecoin USDC (USD Coin), has announced that it is reducing its workforce and cutting investments in non-core business activities. Jeremy Allaire, CEO of Circle, has announced the job cuts, citing the end or reduction of investments in "non-core activities", reports the Business Journal.

The size of the job cuts is unknown, however, the company reportedly had about 900 employees at the end of last year. Moreover, Circle's spokesperson, Zara Gleasure, stated that the company is "redoubling its focus" on core business activities and execution in order to maintain its "strong" balance sheet.Tech Layoffs: Over 2 Lakh Techies Laid Off Globally in First Six Months of 2023, 27,000 Employees Lost Jobs in India Amid Funding Winter.

"We have reduced or ended investments in non-core activities and reduced operational expenses, which includes a marginal reduction in headcount," Gleasure was quoted as saying. "At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis," she added.Crypto.com Layoffs: Cryptocurrency Exchange Company To Reduce 20% of Workforce Amid Ongoing Economic Headwinds.

Circle joins a growing list of cryptocurrency companies that have recently reduced their staff in order to cut costs and strengthen their balance sheets, including Coinbase, Kraken, Gemini, and Bybit. In January, Coinbase laid off 20 per cent of its workforce, or about 950 people, to reduce its operating expenses amid the economic recession fears. The crypto company in June last year eliminated 18 per cent of its workforce or nearly 1,100 people.

(The above story first appeared on LatestLY on Jul 14, 2023 12:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

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Circle Layoffs: US-Based Cryptocurrency Firm Lays Off Staff, Cuts Investments in Non-Core Business - LatestLY