Goldman Sachs backed Circle cuts off 10% of its workforce: Cites stringent laws

Circle is reported to have downsized in terms of the number of staff. The company was praised for raising a cool $110 million in funding in its Series E round in 2018. The funding was backed giant companies in the financial sector including Goldman Sachs. The firm moved ahead to buy Poloniex exchange and later finalized on the acquisition of SeedInvest at the beginning of 2019.

Further reports claimed that the Circle was seeking to raise another $250 million through a combination of both equity and debt. However, the lasted development from the firm is the cutting of costs by laying about 30 staff representing 10% of its total staff number. A comment from Circle’s CEO Jeremy Allaire to CoinDesk:

“We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States,” Circle CEO Jeremy Allaire told CoinDesk.

“Circle remains strong and healthy, and we will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses, while we press for more balanced crypto policy in the U.S.”