[2019-05-22]Circle Sheds 10% of Workforce as CEO Blames Restrictive US Regulator

[Vladdirescu87]

The CEO of Goldman Sachs-backed crypto finance startup Circle blamed a hostile regulatory climate in the United States as he confirmed layoffs of 30 staff on social media May 21.

Following a blog post in which he described the difficulties operating in the U.S., Jeremy Allaire said that executives had taken the decision to release roughly one in ten of Circle’s employees.

https://cointelegraph.com/news/circle-sheds-10-of-workforce-as-ceo-blames-restrictive-us-regulatory-climate

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[squatter]

Interesting timing, considering the recent rise in price.

Does anyone remember when Circle exited the Bitcoin brokering business? At the time, they and Coinbase were the two biggest onboarding platforms in the US. Almost directly after they cut off their services, the 2017 bubble erupted.

I wonder what'll happen this time, now that they seem to be getting financially squeezed again.

[gentlemand]

Does anyone remember when Circle exited the Bitcoin brokering business? At the time, they and Coinbase were the two biggest onboarding platforms in the US. Almost directly after they cut off their services, the 2017 bubble erupted.

They seem very good at exiting just when things are heating up. I wonder whether their backers had anything to say seeing tens or hundreds of millions of dollars in profit disappear shortly after they shut the door.

I don't understand what Circle is trying to achieve. Poloniex is still crap and getting crappier by the day. After all this time and all this VC money they have little more than participation in a stablecoin, some OTC business and giving the Poloniex owners a $400 million golden exit to show for it.

If they have a grand plan they should reveal a little more. I seem to remember them talking about tokenising everything. There's no harm in making some, y'know, profit in the meantime.

[CryptoBry]

Interesting timing, considering the recent rise in price.

Does anyone remember when Circle exited the Bitcoin brokering business? At the time, they and Coinbase were the two biggest onboarding platforms in the US. Almost directly after they cut off their services, the 2017 bubble erupted.

I wonder what'll happen this time, now that they seem to be getting financially squeezed again.

This must be a very uncanny coincidence that can be tell-tale sign of many good things to come for Bitcoin. The reason the CEO cited can be true as we know that doing crypto-related business in USA can be so restrictive -- remember that for now there is no clear-cut policy of the government for this sector and there is no single law passed that focused on cryptocurrency business and trading. The government is operating under existing laws in dealing with matter of this industry. Another reason can be strong competition and less market share prospect. Let's just hope this will not spill-over to other fintech companies doing business in USA.