According to Circle Finance’s CEO, Jeremy Fox-Geen, the firm plans to add up to 225workers to join its 900-member workforce.
After scrapping plans to go public, USDC stablecoin issuer Circle has revealed plans to grow its workforce by up to 25%, according to the Wall Street Journal (WSJ).
Circle canceled its merger agreement with Concord Acquisition at the end of December 2022 because it failed to meet the deadline for submitting the necessary documents to the Securities and Exchange Commission.
The USDC stablecoin issuer reportedly raised roughly $400 million during the events leading up to the merger agreement, bringing its total capital to $1.1 billion. Notwithstanding the general industry liquidity crisis, Circle’s financial position improves as a result of the fundraising initiatives.
Circle Finance Chief Jeremy Fox-Geen told WSJ that the company would use the money to concentrate on expansion and employee investment. According to him, the USDC stablecoin issuer wants to recruit 225 more employees to its 900-person staff, increasing its employment by up to 25%. Fox-Green said:
“We are growing and investing and we are fortunate to be in a financial position to be able to sustain our investments,”
Beyond stablecoin issuance, Circle is trying to expand its commercial operations to include the settlement of deals in other asset classes, such as equities.
Fox-Geen stated that the USDC stablecoin issuer is still planning to go public soon. Although attempting to stay in compliance with American regulations, the company is waiting for improved market circumstances to draw in public investors.
